This paper investigates the complex dynamics of value creation through data science applications in manufacturing organizations, addressing the persistent challenge of quantifying and articulating the business value of data science initiatives. Through the application of a Value Network Model framework, this research examines how data science applications in Smart Manufacturing contexts contribute to organizational value creation, with a specific focus on the aerospace and aviation sectors. By analyzing various Smart Manufacturing use cases, the research demonstrates how value is exchanged and enhanced within complex intra-organizational networks. The findings provide insights into the strategic advantages of integrating data science into manufacturing practices and offer a methodology for examining value flows across business units. Future research directions include conducting comprehensive case studies across multiple Smart Manufacturing use cases and developing a more refined modeling concept to enhance the clarity of interdependencies and value exchanges.