Produced by Steve Nathans-Kelly
When it comes to acquiring and licensing datasets, assessing the utility and value of the data resources and tools is critical, and it's also complex. At Data Summit 2023, FDIC chief, library and public information Richard Huffine outlined best practices for evaluating licensed datasets.
“Train users to always document their methodologies and their work can be replicated, validated, and debated in the future,” Huffine said.
Organizations should conduct an assessment with their clients to ask them if they are meeting their needs.
“Is it worth what we are paying for it? Because sometimes these relationships can go up five, 10, or 15% cost a year. So over three or four years, you're now paying almost double what you were paying originally,” Huffine said.
Without an assessment, companies can find themselves maintaining data that's no longer needed or worse yet, find users unaware that the data that you have can address their needs.
“Even in that worst case scenario, you have an opportunity to meet someone's needs to integrate these data resources to make better decisions, which at the end of the day is what you really want to be doing in your organization, whether the data comes internally or from an external provider,” Huffine said.
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