Insight: What is the true value of data? – DMA and University of Edinburgh

In a bid to uncover the true worth of information to business, the DMA is partnering with the University of Edinburgh to deliver a series of lectures, roundtables and thought-leadership material as part of a new campaign exploring the value of data.

Data is easy to overlook because of its apparent intangibility. Yet, it is data which is the underpinning entity in economies today. Be it general business administration, market research, trading, the use of new technologies and artificial intelligence (AI) systems in business operations (including crucial fintech development and the handling of personal information); data is the underlying facilitator of these functions and many more.

The Value of Data campaign aims to elevate and champion the role of data and help organisations responsibly deliver value to their customers.

Where does the ‘value’ of data really lie, in the data? Its quality, quantity, or in the way we use it to create better outcomes for customers? The true value of data will help the data and marketing industry develop better services, create better customer experiences and evolve into better societies.

Working alongside Merkle, the campaign sponsor, and the University of Edinburgh’s research Centre for Design Informatics and Bayes Centre, supported by Edinburgh Innovations, the DMA aims to create a navigable roadmap to establish bold, innovative and data-led approaches that will have a positive impact on businesses and the customer experience.

In line with the DMA’s core value of putting the customer first, ethics will sit at the heart of this project. It will explore the concept of data driving shareholder value in an ethical and monetary sense and looking to showcase the value of values.

Through a series of learning materials and training, the campaign will help businesses thrive from innovation, technology and data, while ensuring responsible marketing sits at the core of business practices.

‘Shifting values: An introduction to the value of data in the digital economy’ is a whitepaper with a mission to spur debate in the UK’s data and marketing industry.

Authored by Professor Chris Speed and Dr Ewa Luger introducing the changing shape of value in the digital economy and an accompanying lecture taking place at the Centre for Design Informatics on Tuesday 12 March in Edinburgh.

Firas Khnaisser, Chair of DMA Scotland, and head of decisioning at Standard Life added: “Scotland is a hub of data expertise, fintech firms and start-ups thanks to government investment, and close collaboration between private, public and educational institutions. The DMA wants to lead the data debate from Scotland – and to drive the conversation across the UK and the world.”

Chris Speed, Chair of Design Informatics at the University of Edinburgh, stated: “Our exciting new partnership with the DMA will help businesses to understand the changing flow of value in the digital economy. With the Centre for Design Informatics and the Bayes Centre, the University of Edinburgh is one of the UK’s most dynamic places for tech, attracting the highest calibre of international experts in data science and artificial intelligence. This campaign will create a platform where academic experts can work alongside business to put theory into practice. Technology will continue to redefine how businesses interact with their stakeholders and our work with the DMA looks to offer guidance through this uncharted territory.”

This is one of a number of initiatives the DMA is embarking on to improve the customer experience and promote responsible marketing.