Unlocking Data Value with Infonomics & Data Exchange
Thursday October 1st, 2020, Dawex contributed to Info Gov Magazine's virtual event "Unlocking Data Value with Infonomics & Data Exchange".
Just like in the previous edition of April 2020, the symposium welcomed participants' and speakers' avatars in a virtual venue. The room hosted a 2-hour show, starring Doug Laney, the father of Infonomics, Data Analytics & Innovation Fellow at West Monroe, and Didier Navez, Dawex Senior Vice President Strategy & Alliances.
"An organization should monetize and manage data according to its core business practices and improve this approach by measuring its information." - Doug Laney, Data Analytics & Innovation Fellow
Doug Laney gave an introductory talk on the concept of Infonomics, its relevance for public and private organizations, and the different ways to generate value with data. Infonomics is the emerging discipline of managing and accounting for data with the same rigor and formality as traditional assets. He detailed the reasons why data should be considered as an asset and defined the specific qualities data has, which show far greater value than the usual "data is the new oil" analogy. Data is a non-fungible asset, which can be used and reused over and over, multiple ways simultaneously, and whoever uses data generates more data.
These unique characteristics make data a non-rivalrous, non-depleting, regenerative asset, he explained. From these observations, Laney draws a broad definition of infonomics, based on three key dimensions: monetizing, managing and measuring data assets. His final advice: managing data is absolutely key to unlocking an organization's monetizing and measuring capabilities.
"Moving data inside and outside the organization is essential to generate value" - Didier Navez, SVP Strategy & Alliances, at Dawex
For Didier Navez, Dawex Strategy & Alliances Senior VP, data exchange technology provides organizations with the optimal solution for their data valorization initiatives.The high paced digital transformation of organizations combined with the rise of IoT in the past five years pointed out a new understanding of data: it is an asset that needs to circulate in order to achieve its full value potential, he explained. The importance of data exchange translates into opportunities to generate new direct or indirect revenues, optimize business processes and costs management, develop data partnerships and increase company value. Turning these opportunities into impactful business actions requires data exchanges to be secure, trusted, compliant with regulations, but also easily traceable and flexible in the contractual and licensing terms. Dawex Data Exchange technology provides these features by design to serve its clients’ needs in sourcing, distributing and orchestrating data across their own data ecosystem.
👉 Is your organization ready for data exchange? Take our data exchange checklist and share your results with us: we'll be happy to discuss them with you!
👉 Read the full coverage of the event on Twitter
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