Data is a critical business asset. But do most companies know and actively manage the value of their data? Implicitly, data value is embedded in policies storing, protecting and securing critical data. Explicitly, data value can be defined in monetization strategies that may include the purchase or sale of data, thereby establishing an exchange price. But how do companies monitor, track and make decisions based on a precise knowledge of the value of their data? Despite the importance of these questions, our research is finding that most companies lack a generally accepted framework for identifying data value, communicating that value to stakeholders, and informing the business decisions that need it.
The goal of the CLDS Workshop Series on Enterprise Data Value and Data Insurance is to answer these questions by forming a practice community that will exchange the latest thinking on valuing enterprise data, including real-life practices captured in peer case studies. Workshops will incorporate industry and research roundtables on tools, policies and valuation roadmaps, and on developing strategies to instrument IT systems to successfully architect for value.
Workshop participants will leave with insights and solutions to key topics, including how to:
• Develop actionable ways to define and communicate the business value of data
• Gain insights by studying a deep-learning use case on data insurance, including risk assessment and insurance application, from the perspectives of the insured, the insurer and insurance broker
• Hear from peers on how they are crafting strategies to classify data by its value, how they are insuring that value, and how they plan to instrument their systems to monitor, track and make decisions based on value