Data valuation
Ok kiddo, let me explain data valuation to you. Do you remember when we talked about how companies collect information about us when we go online or use our phones? Well, that information is called data.
Now, imagine that data is like a toy that we want to buy. Some toys are worth a lot of money because they are rare or very popular. The same thing happens with data. Some companies have data that is very valuable because it is hard to find or because a lot of people want it.
So, if a company has a lot of valuable data, they can use it to make more money. They can sell the data to other companies, use it to make better products or services, or even use it to target ads at people who are more likely to buy their things.
But, just like with toys, some data is not very valuable. It might be old or not very useful. So, companies have to be careful and figure out which data is worth a lot of money and which is not.
That's what data valuation is all about. It's like trying to figure out how much money a toy is worth before we buy it. Only instead of toys, we are talking about data.
Now, imagine that data is like a toy that we want to buy. Some toys are worth a lot of money because they are rare or very popular. The same thing happens with data. Some companies have data that is very valuable because it is hard to find or because a lot of people want it.
So, if a company has a lot of valuable data, they can use it to make more money. They can sell the data to other companies, use it to make better products or services, or even use it to target ads at people who are more likely to buy their things.
But, just like with toys, some data is not very valuable. It might be old or not very useful. So, companies have to be careful and figure out which data is worth a lot of money and which is not.
That's what data valuation is all about. It's like trying to figure out how much money a toy is worth before we buy it. Only instead of toys, we are talking about data.