The Data Value Chain Ontology

When it comes to decision-making, companies are often unaware how valuable data is. As a result, data is underutilized. Before data can be used for data-driven decision-making purposes, users of data analytics must define their needs. Users know the difficult decision processes, problems, and questions particular to their domain. However, often, they do not have the skills necessary to collect, analyze, and understand data. Data scientists, on the other hand, know how to prepare and examine data. Yet they do not know the value of their work for the application domain. A data product is an answer to an important question for users that can be answered by data scientists using data analysis. However, this concept does not help much in connecting the specific problems of data science and the application domain, in order to optimize the data value chain of an organization. For this reason, this paper develops a data value chain ontology from a literature review.