Definition of the Data Value Chain

Data has been compared to oil to describe it as the fuel for the next industrial revolution. Yet, as for crude oil, the process of refining data is complex and requires multiple steps. On the path to value creation, data scientists must ensure that the way they process data matches the perceived value to users of analytics results, such as decision-makers. The requirements of decision-makers in this regard can vary widely depending on the application domain. At the same time, these requirements require a unique infrastructure for data. To better align and later optimize this mismatch between requirements and opportunities, it is necessary to clearly define and delineate the different steps of data value creation. The goal of this paper is to present a definition for the data value chain from the literature. Therefore, relevant literature has been identified from online databases and reviewed to analyze existing definitions. These definitions have then been combined. The resulting unified model will enable practitioners and researchers to discuss and further refine data value chains from different application domains.