Throughout 2018 a series of 30 workshops were undertaken around the world exploring the key topic of the future value of data. Engaging with around 1000 experts in 25 countries, this major research project has looked at the key issues driving change for how we see data value and their implications for the next ten years - globally and locally.
This is the draft PPT summary of the research findings and will be followed up in the New Year with a detailed Future Agenda global synthesis report plus regional versions in multiple languages.
If you have any comments or questions on this summary, the research or its future use, please do not hesitate to get in touch with either tim.jones@futureagenda.org or caroline.dewing@futureagenda.org or via twitter @futureagenda and @thevalueofdata
Biography Of Angeliki Cooney | Senior Vice President Life Sciences | Albany, ...
Future value of data Final report - Draft summary lr 15 dec 2018
1. The Future Value of Data – DRAFT SUMMARY
Insights From Multiple Expert Discussions Around The World
15 December 2018
2. Context
Based on insights from 30 expert workshops, this summary shares global and
regional views on the shifts likely to take place around the ‘value of data’ over
the next decade - and identifies areas that could drive change.
Open Data Barometer — https://opendatabarometer.org/
Internet Penetration — https://data.worldbank.org/indicator/IT.NET.USER.ZS
ICT Development Index (2017) — http://www.itu.int/net4/ITU-D/idi/2017/
Level of Privacy Regulation: DLA Piper
https://www.dlapiperdataprotection.com
Heavy Robust Moderate LimitedC Top 3 Challenges O Top 3 Opportunities E Top 3 Emerging Issues
Future Value of Data
Key Insights: 2018
COUNTRY
ICT
Development
Index
(2017)
Australia
Canada
Chile
China
Colombia
Cote D’Ivoire
Denmark
Germany
India
Indonesia
Japan
Kenya
Mexico
Nigeria
Philippines
Senegal
Singapore
South Africa
Spain
Sweden
Thailand
UAE
UK
USA
Open
Data
Barometer
(2016)
Internet
Penetration
%
(2016)
8.24
7.77
6.57
8.61
5.36
3.14
8.71
8.39
3.03
4.33
8.43
2.91
5.16
2.60
4.67
2.66
8.05
4.96
7.79
8.41
5.67
7.21
8.65
8.18
81
89
47
20
52
11
71
70
43
38
75
40
73
21
55
9
53
34
73
70
28
26
100
82
88
91
82
89
62
27
97
84
30
25
93
26
64
26
56
26
81
54
81
90
48
91
95
76
London 01 OCT 2018
C Rising Cyber Security Threats
Rise of the Machines
Fake Data
O Open Data
Digital Taxation
Data Ownership
E Hidden Environmental Costs
Data Marketplaces
Declining Significance of Privacy
Host: Imperial College /
Royal College of Art
Johannesburg 17 MAY 2018
C Digital Literacy / Inclusion
Cyber Security Threats
Fake Data
O Open Data
Data Governance
Public Good / Human Rights
E Data Ethics
Data Sovereignty
Privatisation of Data
Host: Facebook / IBM Research
London 13 SEP 2018
C Data Ethics
Partial Inclusion
Rise of Machines
O Contextual Data Sharing
Data Ownership
Open Data
E Transparency
Power and Agency
Data Bias
Host: Mastercard
Copenhagen 29 AUG 2018
C Fake Data
Rise of the Machines
Digital Literacy
O Data Ownership
Open Data
Data as an Asset
E Data Marketplaces
Democracy and Data
Low Trust in Poor Data
Host: DTU Executive School
of Business
Toronto 12 NOV 2018
C Digital Literacy
Data Bias
Informed Consent
O Open Data
Individual Custodians
Public Good
E Data Ethics
Rise of Machines
Data Imperialism
Host: York University
Toronto 09 NOV 2018
C Rising Security Threats
Digital Literacy
Fake Data
O Open Data
Individual Custodians
Decentralised Secure Data
E Data Localisation
Informed Consent
Data Ethics
Host: Lassonde School
of Engineering
Dakar 26 / 27 JUL 2018
C Data Capital
Digital Skills
Fake Data
O Tax for Development
Digital Skills
Digital Education
E Data Imperialism
Human Capital
Latent Regulation
Host: CRES / Facebook
Abidjan 30 JUL 2018
C Cyber Security
Data Imperialism
Data Ownership
O Data Ethics
AI and Humanity
Skills and Education
E Data Inequality
Regulation and Control
Democracy and Data
Host: Africa Content Group /
Facebook / UVCI
Mexico City 13 NOV 2018
C Data Ethics
Rise of the Machines
Security Threats
O International Bodies
Decentralised Secure Data
Establishing Accountability
E Human Rights
Future of Work
Algorithmic Discretion
Host: CECIED / Escuela Libre de
Derecho / Facebook
Bogotá 08 NOV 2018
C Digital Literacy
Rising Security Threats
Democracy and Government
O Positive Value of Data
Data Ownership
Trust in Data Use
E Data and Public Policy
Data Ethics
Talent for a Digital Economy
Host: Facebook / Universidad
Externado de Colombia
Abidjan 29 JUL 2018
C Fake Data
Digital Literacy
Data Ownership
O A Public Good
Individual Custodians
Common Vocabulary
E Data Imperialism
Global vs Local
Digital Taxation
Host: UVCI
San Francisco 30 OCT 2018
C Digital Literacy
Data Bias
China vs. The US
O Responsible Sharing
Democracy and Government
GDPR Setting Standards
E The Nature of the Firm
Data Ethics
Data Imperialism
Host: Facebook / Orange
Silicon Valley
Washington DC 02 NOV 2018
C Digital Literacy
Data Bias
Cyber Security Threats
O Open Data
Data Ethics
Trust in Data Use
E Future of Work
Fake Data
Data Imperialism
Host: Brookings Institution / Facebook
Pretoria 21 MAY 2018
C Data Literacy
Fake Data
Regulation
O Data Governance
Digital Taxation
Human Rights and Data
E Data Decolonisation
Government as Custodian
Data Bias
Host: Centre for Human Rights,
University of Pretoria
Abuja 13 JUL 2018
C Cyber Security
Digital Equality
Fake Data
O Digital Literacy
Data for Public Good
Transparency and Democracy
E Data Governance
Digitisation of Culture
Educating Government
Host: Facebook / Ibadan School of
Government and Public Policy
Bangkok 23 MAY 2018
C Cyber Threats
Data Literacy
Data Politics
O Data Governance
Access Inequality
Open Data
E Data Ownership
Data Ethics
Digital Taxation
Host: Facebook
Hong Kong 20 SEP 2018
C Data Regulation
Data Sovereignty
Rising Security Threats
O Shared Understanding
AI Supporting People
Demarginalisation
E Data Morals
Transparency
Establishing Accountability
Host: Facebook / HKU
Women’s Studies Research Centre
Dubai 30 APR 2018
C Data Ethics
Cyber Security Threats
Informed Consent
O Data Ownership
Open Data
Blockchain
E Data Sovereignty
Trust in Data Use
Data Liability
Host: DMCC
Nairobi 04 JUL 2018
C Cyber Security
Data Literacy
Identifying Truth
O Monetisation of Data
Understanding of Value
Data for Public Services
E Cultural Diversity
Empowering National Identity
Data Regulation
Host: CIPIT / Facebook / KICTAnet
Bengaluru 10 JAN 2018
C Informed Consent
Privacy Harms
Individual Custodianship
O Machine Learning
India Setting Standards
Social Value of Data
E Data Ethics
Data Sovereignty
Data Liability
Host: Carnegie India / Facebook
Santiago 16 NOV 2018
C Rise of the Machines
Democracy and Governance
Data Bias
O Public Understanding
Establishing Accountability
Open Data
E Transparency
Data Ethics
Data Politics
Host: Facebook / Pontificia
Universidad Católica de Chile
Tokyo 23 APR 2018
C Cyber Security Threats
Fake Data
Trust in Data Use
O Open Data
Metadata Value
Digital Skills
E Data Liability
Data Marketplaces
Digital Taxation
Host: NISTEP / RISTEX
Singapore 27 APR 2018
C Data Ethics / Principles
Data Sovereignty
Cyber Security Threats
O Democracy and Data
Data Education
Open Data
E Data Marketplaces
Data Liability
Privatisation of Data
Host: Facebook / Lee Kwan
Yew School of Public Policy
Manila 24 SEP 2018
C Data Silos
Information Warfare
Fake Data
O Personal Data Monetisation
Open Data
Data Governance
E Data Rights
Data (In)visibility
Data Humans
Host: Ateneo Law School /
DICT / Facebook
Jakarta 17 MAY 2018
C Fake Data
Data Literacy
Data Imperialism
O Data for Development
Digital Taxation
Access to Data and Analytics
E Data Sovereignty
Data Ethics
Data Bias
Host: Facebook
Sydney 21 MAY 2018
C Data Ethics
Data Ownership
Rise of AI
O Open Data
Common Approach
Social Impact
E Data Liability / Negligence
Informed Consent
Data Literacy
Host: TAL
Stockholm 18 JUN 2018
C Digital Literacy
Rising Cyber Security
Data Ethics
O Open Data
Data Marketplaces
Broader Collaboration
E Data and Democracy
Data Liability
Privatisation of Data
Host: ISPIM / TACIT
Frankfurt 08 NOV 2018
C Cyber Security Threats
Data Liability
Data Bias
O Personal Choice
New Business Models
Transparent Algorithms
E Data Ethics
Social Impact
Data Capital
Host: Cognizant
Lagos 10 JUL 2018
C Data Collection
Data Ethics
Data Inequality
O Data Regulation
Infrastructure Development
Data Literacy
E Data Ownership
Fake Data
Data Ethics
Host: Facebook / Ibadan School of
Government and Public Policy
Madrid 22 FEB 2018
C Ulterior Motives
Joined Up Regulation
Democracy and Data
O Data Ownership
Data Ethics
Education and Social Contract
E Data-ism
Data Liability
Data Sovereignty
Host: Facebook
3. Project Partners
This global research programme was undertaken in partnership with
30 different organisations that (co)hosted the varied workshops.
We thank them and all the participants who gave their time and insight.
4. THREE MAIN SECTIONS
3 | Conclusions
• Summary Implications
• Potential Actions
• Questions
2 | Our Key Insights
• Top 20 Global Issues
• Key Implications
1 | Setting the Scene
• Value
• Data
• Trust
Future
Value
of Data
01
02
03
6. A Value for Data
The promises and possibilities of big data have led many organisations to
believe that ‘more is better’ - many have rushed to grab as much of it as
possible. However, understanding where its real value lies is, as yet, unclear.
7. Data Metaphors
The language used to describe the value of data is full of misleading metaphors.
Is it the new oil, a currency, like water or the periodic table? Data can be like all of
these, depending on context, as well as having unique qualities of it’s own.
8. How to Look at Value
Many agree we should take a more holistic view than simply considering the
economic value of data. But how should we deal with shared data, GDP, APRU
and ownership versus access? Would a multi-capital approach work?
9. Personal Data Value
Personal data can be volunteered, observed or inferred. It can be used in
different contexts. This makes attaching a precise value impossible. However
stolen personal data is traded on the dark web, so relative value can be agreed.
10. Machine Data
Most future data will come from M2M and the IoT but there is little consensus
on who owns this and how it should be valued. Many are proposing competing
approaches for different sectors - connected cars, smart cities and buildings.
11. A Data Value Chain
Some are advocating that we should also look at different types of data in
appropriate ways, recognising the increasing value of data as it progresses
through a value chain from creation to consumption and monetisation.
CREATION
STORAGE
PROCESSING
CONSUMPTION
MONETISATION
DATA VALUE CHAIN
Source: Visconti et al (2017)
12. Trust vs Trustworthy, Truth and Transparency
Organisations aim to build, retain or drive trust in data use to support
brand loyalty. However this is increasingly about being ‘trustworthy’
which is focused on being credible, truthful and more transparent.
13. Ten Questions
The core issue of “what is the future value of data?” has many facets.
It is clear that there is not just one question to be address but multiple.
This project has explored what we see as ten pivotal questions.
1. Can we agree how to meaningfully value data in the future from an economic point of view?
2. Is it possible to achieve this across a broader view of social, societal and other contexts?
3. If data is shared does this increase or decrease its value?
4. Does value change with its ownership?
5. What makes one data set more valuable than another?
6. Do we see global collaborative alignment on the future of data or will it be fragmented?
7. Does greater privacy add to or detract from the value of an individual’s data?
8. Who should govern future data value and how?
9. Which, if any, companies are leading today, and who may in the future?
10. How will governments best use regulation to mange the changes in the next decade?
15. Digital Literacy
Having a better understanding of how data is acquired and used drives the data
economy. A more informed society increases public confidence while a shared
language for data overcomes misunderstanding and aids decision-making.
16. Informed Consent
Consent is ambiguous, misunderstood and increasingly impractical.
Rethinking our view of what consent is designed to achieve in key areas
drives a new approach - with an associated shift of responsibilities.
17. Data as an Asset
If data is considered to be an asset, then it is rigorously monitored
and organisations are obliged to account for what they own or access.
They are legally required to declare their data portfolio and are taxed on this.
18. Data Liability
Data is a liability and organisations are responsible for its safekeeping.
For some the costs and risks of securing data outweighs its benefits.
For others it creates opportunity for new business models and policies.
19. Data as a Capital
Data is added as a 7th capital in the multi-capital model that underpins
Integrated Reporting: If data is seen as distinct, then it may require
separate reporting by companies, regions and governments alike.
Data
capital
20. Data Marketplaces
Transparent, interactive, multi-dimensional data market places become a reality.
In addition to price and time, multi-party, sector-focused markets define and
trade data where value includes the context of customer, access and use.
21. Open vs Private Data
Momentum around open data grows across several sectors but is constrained
by competition, the privatisation of public data and increased security concerns.
This limits the potential of ‘data for good’ as well as wider sharing and use.
22. Biased, Poor and Fake Data
As we seek more accurate data to inform decisions, concern
about biased, poor and fake data grows. Cleaning and validating
data is an escalating social, political and commercial battleground.
23. Owners vs. Custodians
The debate about data ownership and access moves on to custodianship.
New governance models are developed to respond to this and the
responsibility of data holders evolves beyond safety, use and monetisation.
24. Ownership of Machine Data
In the absence of an agreed approach, debates on who has what rights to which
data build. Questions on title, possession, control and usage of data throughout
supply chains lead to sectors taking different views on sharing value.
25. Decentralization vs Centralization
Rising costs of cyber attacks lead many to invest in better data protection - but
there is little clarity around most effective approach. Debate on the benefit of
decentralization of data at global, regional and local levels continues.
26. Data Sovereignty
More governments push back against Big Tech to fight for control of data.
Limiting the flow of data is seen as protecting citizens rights and the economy
– so sharing is restricted to within specific (potentially overlapping) systems.
27. Data Localisation
Nations demand copies of all citizen and machine data in regional data centres.
Multiple government bodies and local companies gain access to previously
‘proprietary’ data that is increasingly difficult to monitor and monetise.
28. Governance, Government and Democracy
Rising concerns around the use of data access, mining and analysis to influence
public opinion lead to calls for better governance and accountability.
Policy makers seek a more joined-up approach to data regulation.
29. Global vs Regional vs Local Regulation
There is widespread ambition for global standards to manage data policies.
Few believe that self-regulation is an effective approach but, equally, there is no
consensus around which organisations are capable of stepping up to the task.
30. The Future of Privacy
There is a strong belief by some in the right to data privacy and to security.
However, many see that privacy is a contradictory and outdated concept.
Some argue that security is impossible without increased monitoring.
31. A Question of Ethics
As ethics scales within the digital mainstream, many struggle to define and
agree a universal, global cross-industry approach. Different sectors initially set
their own standards that eventually align around some common principles.
32. Organisational Responsibility
The management of data needs a 21st not a 17th century approach to business.
As digital becomes the norm for most organisations, clear accountability for
increasingly automated decisions is a growing source of differentiation.
34. Summary Implications
The report conclusion will bring together global and regional
implications with some potential actions that need to be taken.
It ends with questions for individuals, companies and governments.