Scientific Approaches and Methodology to Determine the Value of Data as an Asset and Use Case in the Automotive Industry

Abstract

From a theoretical perspective data does not constitute a traditional business asset. Existing valuation approaches are either sector specific or still unexplored. In modern businesses the value-adding use and monetization of existing “big data” represents one of the greatest potentials in the context of digital transformation. This paper aims at reviewing methods and developing an integrated methodology for the value determination of data in general and for use in the manufacturing industry in particular. Therefore, the general state of research in data value assessment is investigated by a broad literature analysis. Based on the identified general principles, methodological requirements for data value determination are compiled. A new methodology for data evaluation is developed and applied to four use cases coming from the automotive industry. The results show that the methodology can be used in different contexts and thus enables managers to explore the most promising use cases for data-driven business.