Unlock the Hidden Value of Your Data

It is widely accepted now that the vast amounts of data companies generate represents a tremendous repository of potential value. This value is monetary, and also social; it contains tremendous potential to impact the public good. But do organizations — and do we as a society — know how to unlock this value? Do we know how to find the insights hidden in our digital attics and use them to improve society and peoples’ lives? This article outlines four steps that could help organizations maximize their data assets for public good. If there is an overarching theme, it is about the value of re-using data. Recent years have seen a growing open data movement, in which previously siloed datasets have been made accessible to outside groups. Despite occasional trepidation on the part of data holders, research has consistently shown that such initiatives can be value-enhancing for both data holders and society.