Data Valuation: Use Cases, Desiderata, and Approaches

Abstract

Data valuation has been given increasing thought for the past 20 years. The importance of data as an asset in both the private and public sectors has systematically increased, and organizations are striving to treat it as such. However, this remains a challenge, as data is an intangible asset. Today, there is no standard to measure the value of data. Different approaches include market-based valuation, economic models, and applying dimensions to data. This paper summarizes 18 months of research on data valuation. First, we show how we developed a Data Valuation Framework by grouping past approaches to data valuation. Second, we describe how we built and scored our own Dimensional Data Valuation Model.