Last Thursday, March 29, Ken Raetz, CEO of Think Data Insights, spent an afternoon with some of the brightest and most talented data monetization minds in Nashville. Spearheaded by Juice Analytics, the 3rd annual Nashville Data Monetization Workshop thoughtfully addressed this topic through several panels and speakers. As a panel member of the “Future Trends in Data Monetization,” he shared some ideas on how companies, large or small, can and are participating in the data monetization movement. “Size of the organization is rarely the issue. While funding of ideas can become a challenge for small businesses, there are numerous technology, advisory, and consulting services available to help overcome their gaps and shortfalls. The keys to driving data monetization are vision and focus.” And of course, everyone is asking the question: “What can my data do for me, or what kind of product can my data support?”
Lydia Jones, Gartner analyst and the original creator of the Nashville Data Monetization Workshop, kicked us off with an industry update on trends in data monetization. “Data for Good” is a strong trend, as we see the market as a whole, as well as municipalities and non-profit organizations focusing more attention on improving public welfare with the use of data. These efforts produce tangible monetary benefits as well; we continue to see data being used to improve health, safety, and government accountability.
A great local example of this was presented by Robyn Mace, Chief Data Officer for the city of Nashville, as she shared the city of Nashville’s progress in the #opendata initiative. By working to democratize Nashville’s data that could be beneficial to commerce and non-profit efforts in the Nashville market. They currently stand at 73 datasets made available to the public.
In one of the more intriguing talks, Martin Spratt, of Clear Strategic IT in Melbourne, Australia, presented a new way to consider the value of data in an organization. As data becomes increasingly “asset” focused, companies are considering how to represent the value of their data on the Balance Sheet. United States GAAP still recognizes data as an intangible asset, while other countries, such as Australia, do allow true valuation of data on the Balance Sheet. The term “data value governance” takes on significant meaning when considering the future of the value of data on the balance sheet.
Damian Mingle, Chief Data Scientist with Intermedix and John Liu, Senior Director, Applied Machine Learning with Digital Reasoning, two of Nashville’s own senior data science practitioners and thought leaders, shared on applying the right business and technology to initiatives that have literally changed public health and public safety. With Intermedix’s Condition Awareness for Sepsis and Digital Reasoning’s joint effort to reduce child sex trafficking, it was tangibly demonstrated how the proper use of data can have a massive humanitarian benefit. The future is bright for data and Think Data Insights loves being right in the middle of it.