The opportunities revealed by the Knowledge Value Chain derive mainly from taking data, enriching it, and applying it to support decision making in more innovative and value-enhancing ways.
But are there inherent characteristics of certain data that make it more valuable than other data? Absolutely.
Five factors come to mind as distinguishing one set of data from other, even before considering what further processing it has undergone: timeliness, relevance, accuracy, novelty, and exclusivity. In order more of mnemonic expediency than importance, we’ll call these TRAN(E).
Like radioactive atoms, all data have a “half-life” — a period beyond which their usefulness becomes progressively much more limited. They say that yesterday’s newspaper is good only for wrapping fish — because the “news” it contains is no longer “new”. As conditions change, informational descriptions of such conditions must change at a corresponding rate — or lose their potency.
If you’re a stock trader, stock pricing data is essentially useless by the time it’s published “for the rest of us” 20 minutes after the fact. By that time, any market-moving information is already reflected in the stock price. You’re too late to push the button.