Blog article
See all stories ยป

Has anybody calculated the value?

The Finnish Ministry of Finance has set as a target to make Finland the first Real-time Economy in Europe. We are well on the way and now the MyData.org initiative is bringing in new dimensions.

The focus for the RTE-program was to cut the cost of SME administrative processes in half and increase productivity also by lowering risks and making financial data available in real time. MyData is building on digital human rights (also for SMEs). But it is also aiming at radically better service design - by getting the data in real time to the "life events" of the man on the street - also in work tasks.

When AI is going to be such a central tool in this it is important to feed it with real-time, structured and standardized and verified data. This begs new questions about data:

1. What is the value of structured data - versus unstructured?

2. What is the value of standardized structured data - versus unstandardized?

3. What is the value of verified data - versus just data?

4. What is the value of real-time data - versus later?

5. What is the value of stuctured+standardized+verified+real time data - versus later? 

Real-time data enables without delays (i) automation of processes end-to-end (ii) updates financial information for the enterprise and its customers, (iii) delivers real-time tax information and especially

(iv) enables the AI-process to start directly - combining right away with other real-time My- and Big data. Instead of combining old - possibly outdated data.

Immense value. So big that nobody has time to make estimations? Not really needed - but would be interesting.

 

More: https://www.finextra.com/blogposting/16472/is-all-data-mydata

https://www.finextra.com/blogposting/16304/four-big-screens

3865

Comments: (0)

Bo Harald

Bo Harald

Chairman/Founding member, board member

Transmeri, Demos, Real Time Economy Program,MyData

Member since

04 Nov 2008

Location

Helsinki Region

Blog posts

404

Comments

287

More from Bo

This post is from a series of posts in the group:

Contributed Data

The go to group if you are contributing your prices to data vendors


See all