{
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    "title" : "The Value of Federal Government Data |Digital.gov",
    "description": "The Value of Federal Government Data",
    "home_page_url" : "/preview/gsa/digitalgov.gov/bc-archive-content-3/","feed_url" : "/preview/gsa/digitalgov.gov/bc-archive-content-3/2018/03/14/data-briefing-value-federal-government-data/index.json","item" : [
    {"title" :"The Value of Federal Government Data","summary" : "Dr. Bill Brantley covers the application of infonomics as a way to help agencies to measure and use data for organizational innovation and digital transformation.","date" : "2018-03-14T03:00:00-05:00","date_modified" : "2025-01-27T19:42:55-05:00","authors" : {"bbrantley" : "Bill Brantley"},"topics" : {
        
            "analytics" : "Analytics",
            "open-data" : "Open data"
            },"featured_image" : { "uid" :
  "analytics-data-reports", "alt" :
  "An illustration of a team of figures working on analytics reports." },"branch" : "bc-archive-content-3",
      "filename" :"2018-03-13-data-briefing-value-federal-government-data.md",
      
      "filepath" :"news/2018/03/2018-03-13-data-briefing-value-federal-government-data.md",
      "filepathURL" :"https://github.com/GSA/digitalgov.gov/blob/bc-archive-content-3/content/news/2018/03/2018-03-13-data-briefing-value-federal-government-data.md",
      "editpathURL" :"https://github.com/GSA/digitalgov.gov/edit/bc-archive-content-3/content/news/2018/03/2018-03-13-data-briefing-value-federal-government-data.md","slug" : "data-briefing-value-federal-government-data","url" : "/preview/gsa/digitalgov.gov/bc-archive-content-3/2018/03/14/data-briefing-value-federal-government-data/","content" :"\u003cp\u003eThe U.S. federal government is probably the one of the biggest (if not the biggest) producers of data. Every day, thousands of federal workers collect, create, analyze, and distribute massive amounts of data from weather forecasts to economic indicators to health statistics. Federal government data is a major driver of the American economy as businesses use the data to make decisions or blend the government data into products and services sold to consumers.\u003c/p\u003e\n\n\n\n\n\n\n\n\u003cdiv class=\"image\"\u003e\n  \u003cimg\n        src=\"https://s3.amazonaws.com/digitalgov/analytics-data-reports.jpg\"alt=\"An illustration of a team of figures working on analytics reports.\"/\u003e\u003cp\u003ez_wei/iStock/Thinkstock\u003c/p\u003e\u003c/div\u003e\n\n\n\u003cp\u003eJust how valuable is federal government data? How is the value of information measured? A \u003ca href=\"https://www.amazon.com/Infonomics-Monetize-Information-Competitive-Advantage-ebook/dp/B075QM8P2T/\"\u003erecent book\u003c/a\u003e attempts to develop a framework to monetize, manage, and measure data as an organizational asset. \u003cem\u003eInfonomics\u003c/em\u003e is the framework for helping organizations best value and manage their data assets. Although infonomics is intended for private sector organizations, I can see many applications for federal agencies.\u003c/p\u003e\n\u003cp\u003eProbably the most valuable infonomics concepts are the \u003cem\u003eInformation Performance Gap\u003c/em\u003e (IPG) and the \u003cem\u003eInformation Vision Gap\u003c/em\u003e (IVP). The IPG is the “\u003ca href=\"https://www.amazon.com/Infonomics-Monetize-Information-Competitive-Advantage-ebook/dp/B075QM8P2T/\"\u003edifference between the realized value of the information asset and its probable value.\u003c/a\u003e” Closely related is the IVP which is the “\u003ca href=\"https://www.amazon.com/Infonomics-Monetize-Information-Competitive-Advantage-ebook/dp/B075QM8P2T/\"\u003edifference between the probable and potential information valuations.\u003c/a\u003e” These concepts are valuable to federal agencies because it gives a new perspective on federal data. As agencies work with their data, are the agencies fully realizing the value of government information? With the emerging techniques of infonomics, agencies can better measure the value of their information.\u003c/p\u003e\n\u003cp\u003eAccurately measuring the value of federal data will aid agencies in digitally transforming. \u003ca href=\"https://www.digitalgov.gov/2016/11/09/the-data-briefing-four-steps-to-becoming-a-data-driven-organization/\"\u003eIn an earlier column\u003c/a\u003e, I described a four-step process to transform agencies:\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003eLocating and preparing the data assets\u003c/li\u003e\n\u003cli\u003eEstablishing data partnerships\u003c/li\u003e\n\u003cli\u003eLeadership views data as a strategic asset\u003c/li\u003e\n\u003cli\u003eUsing data for organizational innovation\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eUsing IPG and IVP to measure federal agency information will help senior leadership best extract the full value of the information for organizational innovation. Infonomic measurement techniques will give a monetary value to federal information which will aid senior leaders in making return-on-investment and budgetary decisions about the data.\u003c/p\u003e\n\u003cp\u003eAnother useful application of infonomics is using it in mapping data ecosystems. An earlier column described a project by the Congressional Research Service to \u003ca href=\"https://www.digitalgov.gov/2016/02/03/the-data-briefing-mapping-the-big-data-ecosystem-of-u-s-agriculture/\"\u003emap the big data ecosystem of agriculture\u003c/a\u003e. The purpose of the mapping project was to give a “\u003ca href=\"https://www.digitalgov.gov/2016/02/03/the-data-briefing-mapping-the-big-data-ecosystem-of-u-s-agriculture/\"\u003ehigh-level overview of how big data flows in the agriculture ecosystem.\u003c/a\u003e” Using the infonomic measures, we can also more accurately track how value is created and distributed in big data ecosystems.\u003c/p\u003e\n\u003cp\u003eFederal government data plays a large role in the American economy, but this role has been obscured because it is difficult to measure the value of information. With the emergence of infonomics, we have methods for better measuring and managing the value of information. Once citizens can see the monetary impact of Federal government data, citizens and businesses will help in closing the information performance gap to realize the full value of federal government data.\u003c/p\u003e\n\u003chr\u003e\n\u003cp\u003e\u003cstrong\u003eDisclaimer\u003c/strong\u003e: All references to specific products, brands, and/or companies are used only for illustrative purposes and do not imply endorsement by the U.S. federal government or any federal government agency.\u003c/p\u003e\n\u003cp\u003e\u003cem\u003e\u003ca href=\"/preview/gsa/digitalgov.gov/bc-archive-content-3/authors/bbrantley/\"\u003eDr. William Brantley\u003c/a\u003e is the Training Administrator for the U.S. Patent and Trademark Office’s Global Intellectual Property Academy. All opinions are his own and do not reflect the opinions of the USPTO or GSA.\u003c/em\u003e\u003c/p\u003e\n"}
  ]
}