Understanding how data creates value

Advancements in computing technologies have reduced the cost of collection, storage, and processing of data; advancements in analytics have increased the value of data. Earlier, raw data did not have any inherent value. Once it was processed, the resultant information was useful to take decisions and for usage in other business processes. So, the value lay in the information that was derived from the raw data. Now, we can process all data to create new insights and new businesses. Therefore, the influence of raw data today is significantly more than ever before. Unlike physical assets, the value of data is perpetual. The more we use it in varied ways and create newer insights, the more its value increases. In his Seven Laws of Data Science, Dr. Jerry Smith postulates, "The value from combined independent data is greater than the combined value of each data alone." Every time we pair new data sets leading to further newer insights, the value of those data...