Data Valuation Score for AI Readiness

Data is a strategic asset, however valuing this strategic asset is a multi-dimensional problem as discuss in ACT-IAC’s “Preparing Federal Data for AI: Standardized Method for Valuing Data Needed.” In this work, we propose a procedure to value data sets with regards to it readiness for AI. Assumptions made with regards to the setup help to frame the methodology as well as highlighting the limitation of this approach. By providing a step-by-step guide how to approach the valuation of data for AI readiness, it is hoped that this approach would engage others to refine this process. Our processes utilized standard machine learning tools, procedures, and evaluation approaches, readily taught in business schools.