As data have become a social and economic resource, including for value creation, decision-making, innovation and production, policy makers are facing a number of challenges. Among the most important issues – but also one that is particularly complex – is how to measure the economic value of data to provide a solid evidence base for policymaking. This Going Digital Toolkit note brings clarity about what is meant by the term “data” in the context of efforts to conceptualise and measure the value of data from a statistical perspective. The note also highlights why estimating the value of data is increasingly important, identifies the conceptual and practical measurement challenges faced, and catalogues various innovative initiatives underway across countries in the context of the forthcoming revision of the System of National Accounts and beyond.