Doug Laney joined Peter Schooff of Data Decisioning for a podcast episode on Infonomics entitled, Revolutionary Idea For More Value From Data—Speaking Infonomics With Doug Laney. Below, find highlights from the podcast as well as the link to the full episode.
[02:44] “I’ve always been fascinated by data and the possibilities of data and how data is organized and how it can be used. But it kind of hit me hard after an unfortunate event, which was the 911 terror attacks. Some clients started calling me at Gartner, lamenting not only the tragic loss of life but also the loss of their data.”
[03:56] “An asset is something that is exchangeable for cash and generating probable future economic value. And it is owned and controlled. So I was thinking that you know, information really meets those criteria! Why isn’t it considered an asset on the balance sheet?”
[04:27] “Even if you’re in a database business, like Google or Facebook or Amazon, you can’t put the value on all that data you have. Not even a data broker like Experian, or Dun and Bradstreet, can put the value of that data on a balance sheet. So it occurred to me that maybe this is a reason why a lot of companies are really managing their data [the way they are] because they don’t really understand its value characteristics.”
[06:01] “You see most organizations have a whole department in charge of procurement office supplies, but they don’t have anybody in charge of procuring data supplies.”
[07:41] “Some companies are not really comfortable yet quantifying data in financial terms. So we’ve developed some foundational models that look at an aggregation of data quality characteristics at data scarcity, and at data utility or utilization or relevance.”
[10:13] “The focus is on becoming a data-driven organization in terms of decision-making, and moving beyond hindsight-oriented analytics to more foresight-oriented analytics, like diagnostic, predictive and prescriptive kinds of analytics.”