Making data valuable

In the latest episode of our podcast Making Data Better, George Peabody and I are joined by the former NSW Chief Data Scientist Ian Oppermann . Among many other things, Ian helped set up the NSW Data Analytics Centre, he led the development of a series of superb papers on data sharing and the digital self at the ACS (Australian Computer Society) , and he represented Australia in the development of the new international standard for Data Quality, ISO 8000.

We covered a lot of ground, but I especially liked our discussion with Ian about the value of data and monetisation of digital assets.

It’s almost a taboo topic. Surveillance capitalism has come to dominate and poison how people regard data monetisation yet there are legitimate interests in realising the value of data.

So we asked Ian about making data value a respectable idea; how do we make it governable?

In conversation, Ian highlighted the problem that “no one’s really sure how [data is] valuable”.

“We are, to this day, still without an accounting standard which values data. We don't have a way of measuring it from a finance perspective”.

Yet we all know that data is an asset. Data contributes the majority of the value of digital companies like Facebook and LinkedIn.

So how do we measure data quality? Ian explains that “it's not about simple things like format. It's about the entire governance process of data. How does data flow into your organization? What are the controls and the chain of custody, the chain of authorizing frameworks?”

With government being the source of so much critical foundational data, George and I have been trying to conceptualise distribution networks to make verifiable data accessible at scale. Ian shares his practical experience about change management and the role of government.

Take a listen! And please let us know what you think.