The hidden value of data that can be used during COVID-19 times

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The book “The Rembrandts in the Attic” by Kevin Rivette and David Kline says about the hidden value of the underutilized patent in the companies. And they suggest that these patents should not be passive properties, instead they are treated as strategic assets.

Nowadays the organizations are trying hard to find out how they can unlock underutilized assets of their company. The data that companies generate is a collection of high potential value. The value is monetary and social and it contains the potential to impact the public welfare. But we are not aware of how to unlock this value and how to find the hidden insights in the digital attics and how we can make use of it to improve people’s life and society.

Here are 4 steps about how the organization can maximize their data asset for the wellbeing of the public. If they have a well-defined and vast theme, it is about the value of reusing data. The open data movement is growing, which means the datasets can be accessed by outside groups which were previously government authorized datasets.

Researches show that to maximize the data for public good we must develop methodologies to measure the value of data.  To fulfill the potential value of data, stakeholders should have a better knowledge of what value is about. There is no other way to calculate the data. In reusing data, the organization must admit to certain financial advantages even when contributing to a larger social welfare.

As data goods are non-emulous and impalpable, it can be shared without disposing of their original holders of benefit. So different stakeholders can work together for a long time, so that they can create new insights and new opportunities in the process of maximized under-utilized datasets.

This kind of data on consumer travel habits is used to make the effective route map of infected patients during the outbreak of COVID-19. The data on consumer travel habits are collected by a social media platform, and it can be used by a civil organization to trace the route map and to track the spread of disease and pandemic. Co-creation is something that is essential to collect data that emphasize hoarding and value construction.

Data collaborative is a growing type of public and public partnership. It involves both informal and time-bound collaboration between a company and an academic research group.

The emergence of data collaborative clearly emphasizes the need for new human roles in the organization i.e. Data Stewards. Data stewards are individuals who are assigned with proactively initiating, facilitating, and coordinating with the mindset of maximizing the private monetary and public value of data assets. I can also recognize under-utilized data that have potential value.

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