Value of Data Inventory - Open Data Watch
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CategoryData Value Chain StageTitleAuthorSummarySourceDateLink
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Value of data exampleImpactThe economic value of earth observation from space
Alan SmartAn assessment of the value of geospatial data to the Australian economy which reports that the satellite data contributed at least $3.3 billion to Australian GDP in 2008-09 and that this is estimated to grow to around $4.0 billion by 2015. Additional benefits in climate change adaptation, emergency response and natural resource management are conservatively valued at $1.0 billion per year.ACIL Tasman Pty Ltd9/1/2010http://www.acilallen.com.au/cms_files/ACILAllen_Earth2013.pdf
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Value of data commentaryPublicationData Availability and UseAustralian Government Productivity Commission An investigation on how to improve the availability and use of public and private sector data. The report offers guidance on where the benefits of greater data use may be most evident, and ways that governments might engage with the public to generate community understanding of the costs, risks, and benefits associated with data sharing and use.Australian Government2017https://www.pc.gov.au/inquiries/completed/data-access/report/data-access.pdf
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Value of data commentaryImpactUsing “Value of Information” Concepts to Prioritize the Data RevolutionMead OverA discussion of how statistical capacity building should be focused on targeting decision makers in order to increase their capacity to use data and increase their value. The author writes about four types of decision makers (citizens, government, foreign investors and donors) and the types of data and capacity they each need to make better decisions. Center for Global Development3/28/2014https://www.cgdev.org/blog/using-value-information-concepts-prioritize-data-revolution
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Value of data exampleImpactWhat is the economic impact of Copernicus?Ananya Narain An analysis by The Italian Research Council that estimates the potential economic impact of the Copernicus satellite system program on the European economy to be worth EUR 30 billion ($35.25 billion) in addition to the 50,000 additional jobs that will be created. The author of the article presents case studies in forestry, agriculture, oil and gas, ocean monitoring, insurance, and urban monitoring.Copernicus Programme7/14/2017https://www.geospatialworld.net/article/economic-impact-copernicus/
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Value of data exampleImpactMarket Assessment of Public Sector InformationDeloitteA market assessment of public sector information in the United Kingdom that estimates the value of public sector information to consumers, businesses, and the public sector to be £1.8 billion, with even larger downstream impacts affecting all areas of society beyond the public sector.Department for Business, Innovation and Skills (BIS), United Kingdom2013https://www.gov.uk/government/publications/public-sector-information-market-assessment
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Value of data commentaryCollectionDisability data to leave no one behindTom GermanA discussion on the value of data not only in impact and use but in production as well. There is a high value in collecting new data on populations typically uncounted, such as disabled populations, and one must have data on the whole population in order to ensure that policies leave no one behind. The author argues that while there may not be USE in these data today, their future value and the need for their collection must not be overlooked. Development Initiatives1/16/2017http://devinit.org/post/disability-data-to-leave-no-one-behind/
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Value of data exampleImpactCreating Value through Open DataCapgemini ConsultingA measurement of the impact of open data policies in the EU through four metrics: economic impact, jobs created, cost savings, and efficiency (a more qualitative indicator). According to the report, the size of the market for open data is € 325 billion for 2016-2020, open data have created 25,000 jobs, there have been 1.7 bn government cost savings, and has saved around 7,000 lives in the period studied. European Data Portal11/2015https://www.europeandataportal.eu/sites/default/files/edp_creating_value_through_open_data_0.pdf
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Value of data commentaryImpactDrilling Into The Value Of DataHoward BaldwinA study of survey responses from a Capgemini report that shows a growing perceived value of open data in the private sector. Results showed that 61% of respondents “acknowledge that big data is now a driver of revenues in its own right and is becoming as valuable to their businesses as their existing products and services." And "54% of respondents say their big data investments over the next three years will outstrip past investment."Forbes3/23/2015https://www.forbes.com/sites/howardbaldwin/2015/03/23/drilling-into-the-value-of-data/
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Value of data exampleImpactThe Potential of Social Media Intelligence to Improve People's LivesStefaan G. Verhulst and Andrew YoungProposal to create partnerships between social media data companies and organizations working in development to share data to solve problems. The authors present a series of case studies on how these data partnerships could save lives and improve health outcomes. The report mentions using Facebook data for population maps and disaster response. And tracking social media comments and opinions to track flu trends and anti-vaccination movements. Gov Lab9/24/2017http://datacollaboratives.org/static/files/social-media-data.pdf
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Value of data commentaryPublicationThe Value of Open Data SharingPaul F. Uhlir, J.D,A report from the Group on Earth Observation (GEO) Committee that states that GEO organizations should make their public geospatial data open for public use, based on data sharing principles, because of the economic, societal, research and innovation, education, and governance benefits. Examples of the value of each of these types of data are provided throughout the paper. Group on Earth Observations and the Committee on Data for Science and Technology11/1/2015https://www.earthobservations.org/documents/dsp/20151130_the_value_of_open_data_sharing.pdf
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Value of data commentaryImpactThe Value of Big Data Isn't the DataKristian J. HammondAn argument about the value of big data that states that the value of big data isn’t the data but the narrative. Machines can provide us with the human link between the world of big data and a world of evidence-based insight and decision-making. Kristin Hammond provides a structure for how to make a narrative from data and what types of data are needed for that narrativeHarvard Business Review5/1/2013https://hbr.org/2013/05/the-value-of-big-data-isnt-the
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Value of data examplePublicationSovereign Borrowing Cost and the IMF’s Data Standards InitiativesJohn Cady and Anthony PellechioAn investigation on the effects of the IMF's data standards initiatives on sovereign borrowing costs in private capital markets in 26 emerging markets reveals two findings: A subscription to the IMF's Special Data Dissemination Standard (SDDS) reduces launch spreads by an average of 20 percent and participation in the General Data Dissemination System (GDDS) reduces spreads for those countries with access to capital markets by an average of 8 percent. IMF2006https://www.imf.org/external/pubs/ft/wp/2006/wp0678.pdf
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Value of data exampleImpactTransparency Pays: Emerging Markets Share more DataSangyup Choi and Stephanie Medina CasA summary of an IMF Working Paper that shows that data transparency policies provide financial gains for countries, such as a 15 percent reduction in the spreads on emerging market government bonds. Countries are beginning to understand the benefits of transparency and view taking steps towards greater data transparency as a path to lower future borrowing costs. IMF Blog7/7/2017https://blogs.imf.org/2017/07/07/transparency-pays-emerging-markets-share-more-data/
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Value of data exampleImpactAre Well Functioning Civil Registration and Vital Statistics Systems Associated with Better Health Outcomes?Philips, et al. An examination of whether well functioning civil registration and vital statistics (CRVS) systems are associated with improved population health outcomes. The results find that improved CRVS performance coincides with improved health outcomes worldwide in a temporally consistent manner, which means investment to strengthen CRVS systems is not only an important goal for individuals and societies, but also a development imperative that has health benefits.Lancet2015http://dx.doi.org/10.1016/S0140-6736(15)60172-6
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Value of data exampleImpactSpatial Information in the New Zealand EconomyACIL Tasman An economic analysis that quantifies the contribution spatial information makes to the New Zealand economy, as well as opportunities for this contribution to grow. The report concludes that use and re-use of spatial information is estimated to have added $1.2 billion in productivity related benefits to the New Zealand economy in 2008.Land Information, New Zealand2009https://www.linz.govt.nz/about-linz/publications/spatial-information-new-zealand-economy
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Value of data exampleImpactOpen Data: Unlocking innovation and performance with liquid informationManyika, James A report from the McKinsey Institute that finds that open data can help create $3 trillion a year of value in seven areas of the global economy. It also highlights a series of benefits (and risks) that businesses may face when opening data.McKinsey Global Institute, McKinsey Center for Government2013https://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/open-data-unlocking-innovation-and-performance-with-liquid-information
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Value of data commentaryImpactWhat’s Your Data Worth?James E. Short and Steve ToddA review by MIT of business data policies that states that businesses need to improve their ability to assign a monetary value to their big data assets. No formula currently exists and this makes it difficult to evaluate business transactions and mergers to acquire new data assets.MIT Sloan3/3/2017http://sloanreview.mit.edu/article/whats-your-data-worth/
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Value of data exampleImpactThe Value Proposition for Landsat Applications – 2014 UpdateLandSat Advisory GroupA report on the LandSat satellite system (funded by the US government) that found "the economic value of just one year of Landsat data far exceeds the multi-year total cost of building, launching, and managing Landsat satellites and sensors." The report outlines sixteen (16) decision processes that would be significantly more expensive without an operational Landsat-like program. The total value of these savings equals $350 $436 million per year for Federal and State governments, NGO’s and the private sector.National Geospatial Advisory Committee LandSat Advisory Group7/6/1905https://www.fgdc.gov/ngac/meetings/december-2014/ngac-landsat-economic-value-paper-2014-update.pdf
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Value of data commentaryImpactWhat is the value of official statistics and how do we communicate that value?Tudorel Andrei, Ilie Dumitrescu, and Daniela StefanescuEditorial for the 2014 Conference of European Statisticians that discusses the importance of official statistics for public policy, what should count as official statistics, and how do we brand and communicate their value. National Institute of Statistics - Romania3/1/2014http://www.revistadestatistica.ro/wp-content/uploads/2014/10/RRS_03_2014_A1.pdf
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Value of data commentaryUptakeManaging and measuring for resultsOECDSummary of how Development Assistance Committee (DAC) members manage and measure their projects for results and what information and data they use to do so. The most commonly cited issues for results management were: Incomplete results frameworks due to a lack of availability and reliability of data - lack of baselines or targets, unclear results; difficulties in selecting appropriate indicators that measure results at the correct level; and difficulties in linking budget to information on results. OECD11/1/2016https://www.oecd.org/dac/results-development/docs/Managing%20and%20Measuring%20for%20Results%20-%20Survey%20Highlights%20-%20Final.pdf
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Value of data exampleImpactOpen for Business: How Open Data Can Help Achieve the G20 Growth TargetLateral Economics A report from the Omidyar Network that illustrates the potential economic value of reinvigorating the open data agenda in Australia and the G20. It argues that the implementation of open data policies could achieve more than half of the G20's 2% growth target. Omidyar Network2014https://www.omidyar.com/sites/default/files/file_archive/insights/ON%20Report_061114_FNL.pdf
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Methods for measuring the value of dataImpactMonetizing the Value of Official Statistics: A case studyKlein, Thilo An analysis of the merits of two methods to calculate the cost of statistics to measure the SDGs, including the revealed preferences and impact assessment methodologies. PARIS212016http://www.ksh.hu/cess2016/prezi/cess2016_a3_thilo_klein.pdf
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Value of data examplePublicationStandard Business Reporting: Open Data to cut Compliance Costs
Michael Middleton, Joseph Kull, Michal Piechocki, and Hudson Hollister
A report from the PWC data foundation that finds that if compliance reporting were open and standardized, then compliance costs from corporations would go down. The Netherlands pioneered this effort and Australia followed suit. An analysis on this policy in 2015, showed that AUS $400 million in compliance savings were recorded in Australia due to standardized business reporting across two spheres: business-to-business, and business-to-government.PWC and Data Foundation3/13/2017https://static1.squarespace.com/static/56534df0e4b0c2babdb6644d/t/58bf2da11b10e382363988f1/1488924067876/SBR+Report+2017.pdf
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Methods for measuring the value of dataImpactValuing data is hard Chloe MawerArticle that is an overview of the difficulties found quantifying the value of data and offers three ways to do so based on a cost-based, market-based, and income based model. The article gives 7 reasons why valuing data is difficult.Silicon Valley Data Science10/15/2015https://svds.com/valuing-data-is-hard/
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Value of data exampleImpactValuing the censusBakker, C A report that quantifies the benefits to New Zealand from the use of census and population information. It concludes that despite significant difficulties in developing a rigorous quantification, it is reasonable to conclude that the census delivers benefits well in excess of its direct costs.Statistics New Zealand2014https://drive.google.com/open?id=1soaAxnIpzD3zGiwqm8SAquMtEnK3oL3y
Available in our google folder because the report is no longer available on the Stats NZ site.
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Value of data commentaryImpactData is giving rise to a new economyThe EconomistAn article from the Economist that argues that data is the new oil. Companies who harvest and refine data have a major economic advantage and many of the most valuable assets that companies own are the data that they collect. Some are being bought solely for the data they own or not the goods and services they produce. The lack of personal ownership of data and the concentration of data in a few major companies could lead to antitrust cases in the future. The Economist5/6/2017https://www.economist.com/news/briefing/21721634-how-it-shaping-up-data-giving-rise-new-economy
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Value of data commentaryImpactThe world's most valuable resource is no longer oil, but data. The EconomistAn article from the Economist that argues that big data has become a commodity as valuable as oil in the modern economy, creating the need for new antitrust laws to mitigate new risks. The Economist5/6/2017https://www.economist.com/news/leaders/21721656-data-economy-demands-new-approach-antitrust-rules-worlds-most-valuable-resource
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Value of data commentaryImpactIt’s Time to Tax Companies for Using Our Personal DataSaadia MadsbjergAn argument that makes the case for taxing personal data so that these benefits can be shared. Some value the personal data that is shared freely online at around $1,000 per person per year. The New York Times11/14/2017https://www.nytimes.com/2017/11/14/business/dealbook/taxing-companies-for-using-our-personal-data.html?_r=1
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Methods for measuring the value of dataPublicationValue of official statistics: Recommendations on promoting, measuring and communicating the value of official statisticsUN-ECE Task Force on the Value of Official Statistics Recommendations to help promote, measure, and communicate the value of statistics. In addition, tools are made available to NSOs that include practical examples in a wiki, a generic user survey, and report annexes with talking points.UNECE2017https://www.unece.org/fileadmin/DAM/stats/documents/ece/ces/2017/CES_4-Value_of_Official_Statistics_for_endorsement_for_upload.pdf
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Methods for measuring the value of dataImpactRealising benefits from the censusLara Phelan/Oliver Doerle from the UK Office for National StatisticsA presentation that outlines the methodology for calculating the UK census benefits and highlights a few main findings. The presentation includes a discussion on how to select different segments of the population to survey.United Kingdom Government6/11/2013https://www.mrs.org.uk/pdf/Realising%20benefits%20from%20the%20Census.pdf
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Mehods for measuring the value of dataImpact2011 Census benefits evaluation reportUK Office for National StatisticsA report on the 2011 census about the financial benefits and methodology that was used to calculate the economic benefits of the census. The Office for National Statistics calculated that the total value for the central government, local government and commercial interests was 499.2 million pounds.United Kingdom Government2011https://www.ons.gov.uk/census/2011census/2011censusbenefits/2011censusbenefitsevaluationreport#approach-to-financially-quantifying-2011-census-benefits
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Value of data exampleImpactThe Value of Census StatisticsUK Office for National StatisticsA presentation from the UK Office of National Statistics that shares an analysis of the value of the 2011 Census in the United Kingdom, which was estimated at £490 million per year. United Kingdom Government2014https://www.ukdataservice.ac.uk/media/455474/cope.pdf
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Value of data commentaryUptakeEvaluating Country-Level Government M&E SystemsC. Leigh AndersonA review of approaches to results monitoring and evaluation used by governments in developing countries. The report finds that few systems consistently use M&E data for decision making around strategy, budget, or program management and that there are many other challenges to creating, using, and sharing data in these countries. University of Washington Evans School of Public Affairs4/22/2015https://evans.uw.edu/sites/default/files/EPAR_UW_299_Evaluating%20Country-Level%20Government%20M%26E%20Systems_8.19.15.pdf
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Value of data exampleImpactHow much is your personal data costsJeff DesjardinsA short article and infographic about how companies provide free services by collecting and selling personal information. A study of nine key data brokers found that they generated approximated $426 million in revenue by selling customer data.Visual Capitalist12/12/2016http://www.visualcapitalist.com/much-personal-data-worth/
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Value of data commentaryImpactKnowledge as a Global Public GoodJoseph E. StiglitzAn article that emphasizes the role of knowledge as a public good for development, as discussed in the 1998 World Development Report. It elaborates on the implications of international public policy resulting from the value of data. World Bank1/1/1998http://adbleadership.asia/learningevents/pluginfile.php/1496/block_html/content/1_Overview_Stiglitz_KnowledgeAsAPublicGood.pdf
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Methods for measuring the value of dataImpactMeasuring the Value of DataAmparo Ballivian and Fenohasina Rakotondrazaka MaretA paper from the World Bank that argues that government data investments are worth the cost, are affordable even for developing countries, and have significant payoffs. The authors found correlations between data production and positive development outcomes and provide an overview for the direct and indirect benefits of different types of data.World Bank 12/1/2015https://statswiki.unece.org/download/attachments/117772954/World%20Bank_Ballivian_Maret_MeasuringtheValueofData_20151202.pdf?version=1&modificationDate=1473158675433&api=v2
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Value of data commentaryImpactWorld Development Report 1998/1999 : Knowledge for DevelopmentA report by the World Bank that that argues that knowledge, not capital, is the key to sustained economic growth and improvements in human well-being. The report focuses on the relationship between the unequal distribution in know-how (knowledge gaps) across and within countries and the difficulties posed by having incomplete knowledge of attributes (information problems).World Bank 1/1/1998https://openknowledge.worldbank.org/handle/10986/5981
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Value of data commentaryImpactThe value of dataVasudha Thirani and Arvind GuptaAn article that highlights the importance of placing value on data but not solely as an economic commodity. The authors argue that due to the growing conflict between the value of data and privacy, that data should be treated differently than most normal commodities..World Economic Forum9/22/2017https://www.weforum.org/agenda/2017/09/the-value-of-data/
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