Data is an asset. There is no question about that. The economics of data are based on the idea that the value of data can be extracted through analytics. However, contrarily to commodities, it is believed that the value of data doesn’t grow as a proportion of its volume (1). These assumptions make data a special type of asset. Although this economical view of data is correct, it doesn’t account for the fact that increasing volumes and variety of data create more opportunities to extract added value. Being able to capture structured, semi-structured and unstructured data has modified this set of assumptions. Big Data is changing the way analytics were commonly viewed, from data mining to Advanced Analytics.
By Chris Bening. Infograph.