The database is encrypted and backed up off-site automatically at regular intervals. Relevant information about suppliers and employees is collected and stored. Where possible, information about the clients is also stored: names, addresses, phone numbers, email addresses. The owner, Martha Jones, is also the manager and she keeps financial and human resource records using standard off-the-shelf small business software.Įvery business day, sales and expenses are recorded in the business database. It might be a restaurant, a hardware store, a hair salon or a flower shop. Case 1: The case of a small businessĬonsider the case of a small business. ![]() These examples will be used and referenced throughout the rest of the paper to further motivate the discussion and elaborate the arguments. ![]() To begin a discussion around measuring the economic value of data it is helpful to explore several examples that illustrate the different economic uses of data. The paper concludes by discussing possible methods that can be used to assign an economic value to the various elements in the information chain. Then, the paper discusses the topic of ownership. Next, a possible classification system/typology for data is put forward. It then addresses the questions: What are ‘data’? Where do data come from? Are they are produced and if so, how? These questions are elaborated using the concept of an information chain which is central to the paper. Note This paper begins with examples of some of the new ways data are being used by businesses and households in order to contextualize the discussion. This paper aims to address this situation by expanding current national accounting concepts and statistical methods for measuring data in order to shed light on these highly consequential changes in society that are related to the rising usage of data. In these and other situations data flows are a crucial part of the economic landscape, but they are not readily apparent in the economic indicators. Other data are supplied by households to businesses and governments as payment-in-kind in exchange for other services, as for example in the case of Facebook, Google and many other online services. ![]() Some data are produced by businesses and governments for their own use but not sold in the marketplace, for example by internal corporate accounting departments. Note This is because data usage, to a large extent (though certainly not always), is unpriced in the modern economy while the economic indicators released by statistical agencies are mostly about market-determined values. Yet despite these indisputable trends, data still only have a small explicit role to play and little visibility in the modern national accounting framework. These developments have both enabled and encouraged a rapid growth in the collection, digital storage and usage of a wide variety of types of data. Today, after many decades of innovation, they are fast, cheap and miniaturized with enormous memory and storage capabilities and capable of executing complex algorithms. In the 1930s and 1940s, the first computers were rudimentary, slow, expensive and cumbersome with little memory or storage capacity. Quick links Chronology Classification changes Glossary Data tables and products IntroductionĪll over the world the use of data has increased exponentially largely due to the ease with which information is captured, converted to digital format, stored and analyzed for the extraction of knowledge.
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