This paper addresses the dimensions of data as a resource in the 21st century. Data - a term that is no longer unknown in today's age. Rather, they seem to be everywhere, data is collected everywhere in our everyday lives. From the supermarket around the corner to banks to doctor's visits, data is collected everywhere. With the help of new information technology, smartphones, wearables such as watches and other sensors, data collection is being given a whole new reach. Data is collected from the user everywhere and at all times. What is happening around us, where are we going, what time of day are we out and about, who or what are we spending our time with, all this is data that is collected in real time and then analysed. The business with this data is also no longer unknown. Big names like Google, Facebook and Amazon are common. To give a clue to the entire idea: Google is said to have about two trillion users a year. Facebook can boast 2.91 billion users in the third quarter of 2021 and Amazon has 548 million active customer accounts so far this year.
Inhaltsverzeichnis (Table of Contents)
- A. Introduction
- 1. How do you measure the economic value of data?
- Data as a Product
- Cost-based approach
- The value of use
- Market value approach
- B. Calculation of value
- II. Intended use and user
- III. How to collect Data
- IV. What makes personal data so valuable?
- Excursive statement question
- Example: Hanna
- Development of digital advertising market
- C. Conclusion
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This text aims to explore the economic value of data, specifically focusing on personal data, and its significance in the 21st century. It examines various methods for measuring and calculating data value, considers the intended use and user of data, and explores the factors that contribute to the high value of personal data.
- Economic value of data
- Methods for measuring data value
- Intended use and user of data
- The value of personal data
- The role of data in the digital advertising market
Zusammenfassung der Kapitel (Chapter Summaries)
The introduction provides an overview of the topic, exploring the economic value of data and its relevance in today's world. The "Calculation of value" section delves into various approaches for measuring the economic value of data, including cost-based, use-based, and market value approaches. The text then moves on to discuss the intended use and user of data, highlighting the importance of understanding the context in which data is utilized. The following chapter focuses on data collection methods, emphasizing the diverse ways in which data can be gathered. Finally, the text explores the factors that make personal data highly valuable, including examples like Facebook and the development of digital advertising.
Schlüsselwörter (Keywords)
Key themes and concepts explored in this text include data value, economic value, data measurement, personal data, data use, data collection, digital advertising, market value, cost-based approach, and use-based approach. The text also emphasizes the importance of understanding the context and intended use of data in determining its economic value.
Frequently Asked Questions
How can the economic value of data be measured?
Common methods include cost-based approaches (cost of collection), market-based approaches (price on data markets), and use-based approaches (value generated through analysis).
Why is personal data so valuable to companies like Facebook?
Personal data allows for highly targeted advertising, which increases the effectiveness of marketing campaigns and generates significant revenue.
What role do smartphones play in data collection?
Smartphones, wearables, and sensors collect real-time data on location, behavior, and social interactions, providing a constant stream of information for analysis.
How many users do major platforms like Google and Amazon have?
As of late 2021, Facebook had nearly 3 billion users, and Amazon had over 500 million active customer accounts, highlighting the scale of data available.
What is the "market value approach" in data valuation?
It estimates the value of data based on the prices at which similar datasets are bought and sold in the digital marketplace.
- Citation du texte
- Anke Wiards (Auteur), 2021, The economic value of data in the 21st century, Munich, GRIN Verlag, https://www.grin.com/document/1167782
