https://www.americancityandcounty.com/wp-content/themes/acc_child/assets/images/logo/footer-logo.png
  • Home
  • Co-op Solutions
  • Commentaries
  • News
  • In-Depth
  • Multimedia
    • Back
    • Podcast
  • Resources
    • Back
    • Resources
    • Webinars
    • White Papers
    • Events
    • How to Contribute
    • Municipal Cost Index – Archive
    • Equipment Watch Page
    • American City & County Awards
  • Magazine
    • Back
    • Digital Editions
    • Reprints & Reuse
    • Advertise
  • About Us
    • Back
    • About Us
    • Contact Us
    • Privacy Statement
    • Terms of Service
American City and County
  • NEWSLETTER
  • Home
  • Co-op Solutions
  • Commentaries
  • News
  • In-Depth
  • Multimedia
    • Back
    • Podcasts
  • Resources
    • Back
    • Webinars
    • White Papers
    • Events
    • How to Contribute
    • American City & County Awards
    • Municipal Cost Index
    • Equipment Watch Page
  • Magazine
    • Back
    • Digital Editions
    • Reprints & Reuse
    • Subscribe to GovPro
    • Manage GovPro Subscription
    • Advertise
  • About Us
    • Back
    • About Us
    • Contact Us
    • Cookie Policy
    • Privacy Stament
    • Terms of Service
  • newsletter
  • Administration
  • Economy & Finance
  • Procurement
  • Public Safety
  • Public Works & Utilities
  • Smart Cities & Technology
acc.com

Commentaries


Sponsored

Why it’s time to get in the data business (it’s worth trillions)

Why it’s time to get in the data business (it’s worth trillions)

Smart Cities Council Chairman Jesse Berst explains the economic power and benefits of the data industry.
  • Written by American City & County Administrator
  • 8th August 2016

By Jesse Berst, Smart Cities Council

You likely already understand the potential of data to transform your city. But a report from TM Forum suggests another good reason to invest in data: It can give your economy a huge boost. In fact, just some of the data collected by the world’s cities could be worth $7 trillion.

We’ve long believed in the economic power of data. Las Cruces, NM, uses data to give its businesses a competitive advantage. Quebec uses its data to help businesses and job seekers find each other. Palm Springs, CA, used data to make its downtown more attractive to out-of-towners, the people who did most of the shopping there.

But if a tight budget is holding your city back from doing projects like these, the report suggests some may be willing to pay you to unlock your data. Before we get into the tips, here’s a big one: Don’t do anything that jeopardizes the public’s trust! Citizens are watching.

How much is the data worth?
There is tremendous interest in several categories of data: education; transportation; consumer products; electricity; oil and gas; healthcare; and consumer finance.

And just those seven categories could unlock $5 trillion a year in new economic value, either through open data or private partnerships, according to a report by McKinsey. Entrepreneurs are already taking advantage of it.

Will anyone pay you for it?
TM Forum finds reasons to be optimistic, but so far the revenue has been small. The English town of Milton Keynes is already building systems that will allow it to charge for data, but there are a lot of unknowns.

The report finds while the potential is there, until the city starts charging for the data, there’s no way to know what it is actually worth. For its part, Milton Keynes says it doesn’t want to hamper progress by waiting to release data until the systems are in place.

Still, even if nobody pays you directly for the data, the overall economic benefit can be worth it.

What about privacy?
Whatever you do, don’t risk losing the public’s trust. The research finds that people are increasingly aware that their data has value and they don’t want it to be misused.

Case in point: England planned to make some patient records available in a database for researchers. It was for a good cause; the researchers would be using the data to improve health care. There was a huge uproar, however, and the project was scrapped.

 

Jesse Berst is the chairman of the Smart Cities Council, which helps cities use technology to become more livable, workable and sustainable. Learn about the Council’s second-annual Smart Cities Week, September 27-29 in Washington, D.C., at SmartCitiesWeek.com.

 

 

_____________

To get connected and stay up-to-date with similar content from American City & County:
Like us on Facebook

Follow us on Twitter
Watch us on YouTube

Tags: Expert Insights Smart Cities & Technology Smart Cities Solutions Commentaries Smart Cities Council Sponsored

Related


  • Florida county announces successful test of Motorola Solutions’ cloud-based P25 core technology
    A Florida county recently announced the completion of a successful test of Motorola Solutions’ CirrusCentral Core, the cloud-based secondary core for ASTRO 25 P25 systems that is designed to provide redundant reliability to the land-mobile-radio (LMR) network without the costs associated with a physical secondary core site. In Sumter County, Fla., the absence of a […]
  • Person working on laptop computer
    Embracing digital within local government in 2021
    While COVID-19 has brought on a litany of challenges, it has also shown government leaders the need to employ the right digital solutions for their constituents
  • FirstNet Authority releases new details about impact of Nashville explosion on broadband system
    Public-safety subscribers to FirstNet responding to the Dec. 25 massive explosion near the AT&T network hub in Nashville experienced a four-hour outage when some services were not rerouted prior to deployable cell sites becoming operational at the scene, according to a FirstNet Authority blog. Released Friday evening, the FirstNet Authority blog reiterated several facts previously […]
  • In challenging year, working with public safety to move FirstNet forward
    It has been a challenging year for the nation, especially for the first responders who are on the front lines of wildfires, hurricanes, and the COVID-19 pandemic. During this historic year, the First Responder Network Authority (FirstNet Authority) remained committed as ever to helping first responders save lives and protect communities. As part of our […]

Related Content

  • Modernizing state and local IT to meet new demands and drive long-term financial efficiency
  • Despite budget squeeze, state and local governments must shore up cyber posture
  • Responding to ransomware: Questions government business and tech leaders should ask
  • Public safety transitioning to LTE-based solutions, but PTT timetable still unclear, speakers say

Twitter


AmerCityCounty

The latest episode The Young Leaders Podcast focuses on Cyril Jefferson. Cyril is the youngest African American to… twitter.com/i/web/status/1…

27th October 2020
AmerCityCounty

Hillsboro, Oregon is pioneering a new #renewableenergy generation technology through a partnership with… twitter.com/i/web/status/1…

27th October 2020
AmerCityCounty

The impact of the #COVID19 pandemic on #telework was swift and profound. Now, the big question is whether – and to… twitter.com/i/web/status/1…

26th October 2020
AmerCityCounty

Get ready for the can't-miss webinar on how to kickstart your efficiency improvement plan with Luke Anderson of… twitter.com/i/web/status/1…

26th October 2020
AmerCityCounty

Among all states headed into the 2020 general election, which ones have voting populations that are the most demogr… twitter.com/i/web/status/1…

26th October 2020
AmerCityCounty

We want to hear from you! Share your thoughts in our readership survey to help us shape future content so that we c… twitter.com/i/web/status/1…

23rd October 2020
AmerCityCounty

See how cities different approaches to distribute masks in their communities >> spr.ly/6010GAPLa

23rd October 2020
AmerCityCounty

While #facialrecognition is a powerful tool that can improve law enforcement efficiency, that doesn’t necessarily t… twitter.com/i/web/status/1…

23rd October 2020

Newsletters

Sign up for American City & County’s newsletters to receive regular news and information updates about local governments.

Resale Insights Dashboard

The Resale Insights Dashboard provides model-level data for the entire used equipment market to help you save time and money.

Municipal Cost Index

Updated monthly since 1978, our exclusive Municipal Cost Index shows the effects of inflation on the cost of providing municipal services

Media Kit and Advertising

Want to reach our digital audience? Learn more here.

DISCOVER MORE FROM INFORMA TECH

  • IWCE’s Urgent Communications
  • IWCE Expo

WORKING WITH US

  • About Us
  • Contact Us

FOLLOW American City and County ON SOCIAL

  • Privacy
  • CCPA: “Do Not Sell My Data”
  • Cookies Policy
  • Terms
Copyright © 2021 Informa PLC. Informa PLC is registered in England and Wales with company number 8860726 whose registered and Head office is 5 Howick Place, London, SW1P 1WG.
This website uses cookies, including third party ones, to allow for analysis of how people use our website in order to improve your experience and our services. By continuing to use our website, you agree to the use of such cookies. Click here for more information on our Cookie Policy and Privacy Policy.
X