Datanomics Costs, Benefits, and Value of Research Data

Datanomics: the value of research data. Neil Beagrie. Jisc Invitational Workshop, Glasgo., February 2019.
 Slides from presentation on Datanomics Costs, Benefits, and Value of Research Data. His description of the slides: 

Twenty years ago format obsolescence was seen as the greatest long-term threat to digital information.  Arguably, experience to date has shown that funding and organisational challenges are perhaps more significant threats. I hope this presentation helps those grappling with these challenges and shows some key advances in how to use knowledge of costs, benefits and value to support long-term sustainability of digital data and services.

These are the slides from my keynote presentation to the joint Digital Preservation Coalition / Jisc workshop on Digital Assets and Digital Liabilities - the Value of Data held in Glasgow in February 2018. The slides summarise work over the last decade in the key areas of exploring costs, benefits and value for data. The slides posted here have additional slide notes and references to new publications since the workshop and some modifications such as removal of animations.

Some notes from the slides:

Costs. Keeping Research Data Safe (KRDS)  rules of thumb.

1. Getting data in takes about Half of the lifetime costs, Preservation about a sixth, access about a third. 
2. Preservation costs decline over time. 
3. Fixed costs are significant for most data archives 
4. Staff are the most significant Proportion of archive costs.

The KRDS Benefits Framework. Benefit from Curation of Research Data. Framework arranged on 3 dimensions.
THE ANATOMY OF A BENEFIT Triangle

1. What is the outcome?
2. When is it received?
3. Who benefits?

Valuing Intangible Assets: Measuring value of intangible assets is much harder than for physical assets. We measure value of data services not just data alone

Economic Metrics Used

• Investment Value Amount spent on producing the good or service
• Use Value Amount spent by users to obtain the good or service
• Contingent value: the amount users are “willing to accept” in return for giving up access
• Efficiency gain: user estimates of time saved by using the Data Service resources
• Return on investment: the estimated increase in return on investment due to the additional use

Must also look at the Costs of Inaction

• Rate of loss of research data sets: 17% per annum
• Partial information loss: 7% per annum
• Rate of loss for web-links to data: c. 5.5% per annum
• Access / Data requests fulfilled
• Delay in elapsed time to fulfill data requests. Up to 6 months

Recommendations: Investigate the relative costs and benefits of curation levels, storage, or appraisal for what to keep.

“Five or six decades since the beginning of the Information Age, the namesake of this age, and the major asset driving today’s economy, is still not considered an accounting asset”

“Corporations typically exhibit greater discipline in tracking and accounting for their office furniture than their data”

Conclusions:
Use cost data to look for trends, leverage our efforts, investigate the relative costs and benefits of curation levels, storage, and look towards hierarchical curation management.

Digital Preservation Matters.