Data holds economic value in info-driven world

AS ORGANISATIONS race to make sense of the opportunities and problems associated with our increasingly data driven world, businesses are coping with the need to more accurately measure its true value. We talk about "data as the new currency" and we try to give it a price tag. Typically, data is worth what someone is willing to pay for it; however, that simple transactional view does not tell the whole story.

By 2024, we'll have a fully established information economy where data is critical to businesses looking to predictively spot new opportunities to gain a competitive edge. Standards-based information will be sold, donated and traded on open exchanges. Data marketplaces will facilitate the transfer of data in and out of siloes more fluidly and people will start to broker their own data. We're already seeing many signs of this - but it's only the beginning.

In light of the changing landscape, we all know your company's data is important - that's obvious. But just how important is it? How can you measure its value?