Data and technology are changing how we do things, how we serve others and how we make money. The pace of these changes is accelerating. The global economy will look a lot different at the end of this decade compared to what it looks like now, due in large part to the role of data.

While the importance of data is becoming more recognised, its commercial or financial role is not. And here lies a critical gap in the modern economic infrastructure – a well-recognised data valuation methodology. Without it, many governments, organisations and companies are simply guessing when it comes to the value of a critical element to their operations. If data is becoming so impactful to how we function, how can we measure performance, plan, protect and expand without an understanding of its value?

Valuing data is hard. There is a reason why it hasn’t been done on a significant scale before. Almost every characteristic of data varies dramatically, making benchmarking difficult. The market for transactions regarding data assets is opaque, depriving potential participants of the usual signals of supply and demand that bring confidence and market integrity.

Data is also a highly dynamic asset. What is true today may not be true tomorrow. Traditional valuation methodologies are simply not fit-for-purpose for data assets.

These assets require a new method of valuation that truly reflects its unique characteristics. At Aurum Data, we’ve been told too many times why it can’t be done. Our own journey has been iterative and there have been countless setbacks. Nevertheless we persisted because we knew it needed to be done and could be done.

Through blending data science, AI and ML techniques with the most relevant traditional valuation methods, the team at Aurum Data have developed a methodology that is custom built for data assets. Clients around the world are now using Aurum Data’s approach to get clarity on the current value of one of their most important assets, deliver better services and products, protect and enhance their data, track changes in the value of their data and gain a competitive edge.