Data valuation as a business capability: from research to practice

Abstract

In our data-centric society, the imperative to determine the value of data has risen. Therefore, this paper presents a taxonomy for a data valuation business capability. Utilizing an initial taxonomy version, which originated from a systematic literature review, this paper validates and extends the taxonomy, culminating in four layers, twelve dimensions, and 59 characteristics. The taxonomy validation was accomplished by conducting semi-structured expert interviews with eleven subject matter experts, followed by a cluster analysis of the interviews, leading to a taxonomy heatmap including practical extensions. This paper's implications are manifold. Firstly, the taxonomy promotes a common understanding of data valuation within an enterprise. Secondly, the taxonomy aids in categorizing, assessing, and optimizing data valuation endeavors. Thirdly, it lays the groundwork for potential data valuation standards and toolkits. Lastly, it strengthens theoretical assumptions by grounding them in practical insights and offers an interdisciplinary research agenda following the taxonomy dimensions and characteristics.