Data valuation is the process of determining the economic value of data by evaluating factors such as its quality, accuracy, relevance, and potential to drive business outcomes. This process helps organizations quantify data as a strategic asset, informing decisions on data management, investment, and monetization. Companies seeking to become commercial data providers must first assess the value of their data to understand its market potential, set appropriate pricing models, and ensure compliance with legal and privacy standards.
Common data valuation tools include Collibra, Alation, and BigID, which assist in data cataloging, governance, and assessing data's financial impact. The term "data valuation" emerged in the 2010s, as businesses increasingly recognized data as a valuable intangible asset and sought methods to measure its contribution to revenue and competitive advantage.
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