Browse Definitions:
Definition

data currency (data as currency)

Contributor(s): Ivy Wigmore

Data currency is monetary value assigned to data to identify its financial significance to an organization. 

Once the monetary value of data assets is identified, it may be used as the unit of exchange in a transaction, either as the sole payment or in combination with money. Another reason to assign a  value to data is to quantify its importance to the business. That evaluation can help an organization in data management planning and related efforts like business continuance and disaster recovery planning. This model recognizes that information assets have financial significance to the business but often involves prioritization or relative valuation rather than assigning a specific dollar figure to data.

Direct financial models of data monetization include: 

  • Identifying the cost of replacing data in the event of its loss.
  • Identifying the amount that data contributes to an organization's revenue.
  • Identifying what the data could generate if sold.

The concept of monetizing data is central to a new field of study known as infonomics, which involves the production and consumption of information and the transfer of money to produce, sell or obtain it. Infonomics is an acronym made from the first part of the word information and the last part of economics

This was last updated in June 2015 ???publishDate.suggestedBy???

Continue Reading About data currency (data as currency)

Start the conversation

Send me notifications when other members comment.

By submitting you agree to receive email from TechTarget and its partners. If you reside outside of the United States, you consent to having your personal data transferred to and processed in the United States. Privacy

Please create a username to comment.

-ADS BY GOOGLE

File Extensions and File Formats

Powered by:

SearchCompliance

  • risk map (risk heat map)

    A risk map, also known as a risk heat map, is a data visualization tool for communicating specific risks an organization faces. A...

  • internal audit (IA)

    An internal audit (IA) is an organizational initiative to monitor and analyze its own business operations in order to determine ...

  • pure risk (absolute risk)

    Pure risk, also called absolute risk, is a category of threat that is beyond human control and has only one possible outcome if ...

SearchCloudProvider

  • cloud ecosystem

    A cloud ecosystem is a complex system of interdependent components that all work together to enable cloud services.

  • cloud services

    Cloud services is an umbrella term that may refer to a variety of resources provided over the internet, or to professional ...

  • uncloud (de-cloud)

    The term uncloud describes the action or process of removing applications and data from a cloud computing platform.

SearchSecurity

  • cyberextortion

    Cyberextortion is a crime involving an attack or threat of an attack coupled with a demand for money or some other response in ...

  • Cybercrime

    Cybercrime is any criminal activity that involves a computer, networked device or a network.

  • National Security Agency (NSA)

    The National Security Agency is the official U.S. cryptologic organization of the United States Intelligence Community under the ...

SearchHealthIT

  • Practice Fusion

    Practice Fusion Inc. is a San Francisco-based company that developed a free electronic health record (EHR) system available to ...

  • RHIA (Registered Health Information Administrator)

    An RHIA, or registered health information administrator, is a certified professional who oversees the creation and use of patient...

  • 21st Century Cures Act

    The 21st Century Cures Act is a wide-ranging healthcare bill that funds medical research and development, medical device ...

SearchDisasterRecovery

SearchStorage

  • Random Access Memory (RAM)

    Random Access Memory (RAM) is the hardware in a computing device where the operating system (OS), application programs and data ...

  • floating gate transistor (FGT)

    A floating gate transistor (FGT) is a complementary metal-oxide semiconductor (CMOS) technology capable of holding an electrical ...

  • bad block

    A bad block is an area of storage media that is no longer reliable for storing and retrieving data because it has been physically...

SearchSolidStateStorage

  • hybrid hard disk drive (HDD)

    A hybrid hard disk drive is an electromechanical spinning hard disk that contains some amount of NAND Flash memory.

Close