Hello Enterprise IT. This is Data.
What’s in a name? I used to make light of this, and not attribute much significance to my most primitive forms, such as a “name.” Then I came across the principle of Infonomics – applying economics to information – as originated by Douglas Laney, Gartner Research VP. This principle opens up the possibility of enterprises endowing me with tangible value, proper context, and treating me like they would other assets. This is great! However, I now realize it’s not just enterprises – but individuals such as yourself – who must do add value to me as well. Jessica Leber asserts this in A Stock Exchange for your Data based upon the white paper by Bernardo Huberman, Senior Fellow at HP Labs.
Look at it this way: when requested for personal information, you tend to share me freely – especially if you perceive a logical rationale for the request – say, a merchant who is shipping an item you ordered. But enterprises today capture me in various shapes and forms and construct a bigger picture to realize business benefits by being as social as their customers. Shouldn’t these enterprises attribute a monetary value back to my original owner – YOU?
Think about it. You decide whether or not value is attributed to me. Perhaps the extent to which you share your data depends upon how much you value it. More important, the value consumers are willing to pay for it. Come to think of it, individuals who value me the most are best suited to orchestrate the right mechanisms to monitor, track and realize my value within enterprises.
Huberman goes to great lengths in this paper on A Market for Unbiased Private Data to explain the various models that address a wide spectrum of varying mindsets on how much I cost consumers.
This article discusses the possibility of a private data market, outpacing the likes of Facebook, for whom I (data) am the essential raw material that keeps the business humming.
Is this my new world? I have already shared with you how you can realize the big picture around me and my extended family members with context, introduced you to my new master, explained how I can impact what you do, how it feels good to be secure and even shared my innermost secrets about my Valentine.
In the world that lies ahead, everyone is likely to start associating a monetary value to my various instances. This includes individuals like yourself in addition to enterprises.
Infonomics – therefore – must begin at home.
For more details on the principles of Infonomics, check out the HP newsletter Collaborate to maximize business value from strategic information, featuring Gartner research.
How do you feel about that? What are the factors that you think could affect my value? Please let me know by connecting with my favorite blogger, E.G.Nadhan on: Twitter, Facebook, Linkedin and Journey Blog. He just goes by Nadhan. I always wondered what the middle initial – G – stood for in his name. I should check with him. Wait a minute! I may have to pay something to get that much detail. “How much?” you may ask. Let me check what Huberman has to say.