#61 Driving Value Through Participating in the Data Economy - Data Innovation Summit Takeover Interview w/ Jarkko Moilanen

Sign up for Data Mesh Understanding's free roundtable and introduction programs here: https://landing.datameshunderstanding.com/Please Rate and Review us on your podcast app of choice!If you want to be a guest or give feedback (suggestions for topics, comments, etc.), please see hereEpisode list and links to all available episode transcripts here.Provided as a free resource by Data Mesh Understanding / Scott Hirleman. Get in touch with Scott on LinkedIn if you want to chat data mesh.Transcript for this episode (link) provided by Starburst. See their Data Mesh Summit recordings here and their great data mesh resource center hereJarkko's LinkedIn: https://www.linkedin.com/in/jarkkomoilanen/Open Data Product Spec: http://opendataproducts.org/#open-data-product-specificationJarkko's Data Product Business website: https://www.dataproductbusiness.com/This episode is part of the Data Innovation Summit Takeover week of Data Mesh Radio.Data Innovation Summit website: https://datainnovationsummit.com/; use code DATAMESHR20G for 20% off ticketsFree Ticket Raffle for Data Innovation Summit (submissions must be by April 25 at 11:59pm PST): Google FormScott interviewed Jarkko Moilanen, a Data Economist and Country CDO ambassador for Finland. Jarkko will be presenting on "Data Monetization and Related Data Value Chain Requires Both Data Products and Services" on May 6th in track M6.Jarkko is approaching measuring the value of data and then trying to extract that value from data from many different angles. He is thinking about data products, data as a service, data as a product, etc.Per Jarkko, treating data like a product can apply a LOT of the learnings from the API revolution - this time around we can skip a lot of the sharp edges. APIs are about an interface to value creation - how can we treat data products the same way?We discussed the difference between return and return on investment. A data initiative may have a very high return but if the investment to get that return is too high, it's a bad initiative. How do we get to figuring out what quality level we need to solve our challenges - there is no reason to go for 5 9s quality if that doesn't move the needle.Jarkko coined a new concept on the call - the half life of data value. For a large percent of data, Jarkko believes the value of the data starts to fall considerably over a relatively short period of time. How can we extract the value when it is most valuable? If