Big Data and Analytics, Innovation
What’s your billboard worth?
How do you measure the value of data? Usually it’s a matter of determining how much the data is worth to the business – how it translates into revenue, ROI, cost savings and other quantifiable benefits to the enterprise. But you can also measure how much others value your data.
Let’s say I own a billboard, and I want to know how much that billboard is worth. To do that, I need to know how many people drive past the billboard every day. I could estimate it, or I could pay someone to stand there and count the cars as they drive past. But those methods are limited in scope and very expensive.
It strikes me that in today’s digital and mobile society, the data that I need to value my billboard already exists in someone else’s hands – the mobile network operator covering that area, for example. In theory, if not in practice, the network knows the names and demographics of everyone who comes within viewing range of the cell tower next to my billboard.
The network operator isn’t setting out to collect this information; it’s simply monitoring its network in order to deliver coverage. But it also has an opportunity to create value from that data by inverting it to conduct what we call in the economics world “asset surveillance.” The mobile network operator now has information relevant to my asset and that information can be used by prospective advertisers and prospective buyers to place a value on my billboard. Yet, I did not grant them authority to do so. The ubiquitous nature of mobile computing and the public nature of billboards make this unauthorized asset surveillance possible.
The operator could choose to sell that information to the billboard owner, or it could use that information to create a billboard company of its own. Either way, the data has the potential to earn great value for the owner of that data as well as to the party that owns the asset or buys the insights. This interesting dynamics in which a digital operator comes into possession of asset information is at work with Zillow on the prices of homes, Google on the value of web domains, and will surely occur in many other businesses.
Organizations in any industry can work with analytics experts to understand how to invert or repurpose data solve new problems and create new opportunities. The real question is, “What’s your billboard and what it is worth?”
Follow me at @RussWalker1492 and russellwalkerphd.com
Professor Walker provides keynote talks, seminars presentations, executive training programs, and executive briefings.
Recent talk topics enjoyed by clients have included:
“From Big Data to Big Profits: Getting the Most from Your Data and Analytics”
“Data Monetization”
“Leveraging Artificial Intelligence and Automation at Work”
“Winner Take All – Digital Strategy: From Data to Dominance”
“Success with an Inter-Generational Workforce: From Boomers to Millennials”
“FinTech, Payments, and Economic Trends and Outlooks in Consumer Lending”
“The World in 2050: Risks and Opportunities Ahead”
Exceptional executive training programs have included:
“Digital Disruption, Automation, Analytics, Data Science, the IoT, and the Big Data Wave”
“Master Course on Operational Risk: Measurement, Management, Leadership”
“Complete Course in Risk Management: Credit, Market, Operational, and Enterprise Risk”
“Cyber-security Training: Prevention, Preparation, and Post-Analysis”
“Managing Your Brand and Reputation in a Crisis.”
“Strategic Data-Driven Marketing”
“Enterprise Risk Management and the CRO”
Algorithm, Analytics, Artificial Intelligence, Asset Surveillance, Asymmetric Information, Big Data, Big Data Analytics, Big Data to Big Profits, Billboard, Data Analytics, Data Capture, Data Monetization, Data Products, Data Science, IoT, Location Based Services, Mobile, Real Estate
Russell Walker helps companies develop strategies to manage risk and harness value through analytics and big data. He has done novel research in data monetization and digital disruption and advises leading firms on these topics.
As Director of Experiential Learning in Analytics and Associate Teaching Professor of Marketing and International Business at the Foster School of Business, at the University of Washington, Dr. Walker is an academic thought-leader on analytics. Russell Walker has developed and taught leading executive programs on Big Data and Analytics, Strategic Data-Driven Marketing, Enterprise Risk, Operational Risk, and Global Leadership. Previous to moving to Seattle and the Foster School, Dr. Walker was Clinical Professor at the Kellogg School of Management of Northwestern University, where he founded and taught many popular courses in analytics and risk management.
His is the author of the book From Big Data to Big Profits: Success with Data and Analytics (Oxford University Press, 2015) which examines data monetization strategies and the development of data-centric business models in the new digital economy. He is also the author of the award-winning text Winning with Risk Management (World Scientific Publishing, 2013), which examines the principles and practice of risk management as a competitive advantage.
Dr. Walker consults with firms on the topics of Big Data and Analytics, Data Monetization, Risk Management, and Business Strategy.
Russell Walker can be reached at:
russell@walkerbernardo.com
@RussWalker1776
russellwalkerphd.com
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