A decision-support model for data product valuation in the energy sector: A multi-criteria perspective

Abstract

Determining the value of data products remains a challenge for enterprises and academia, despite the growing recognition of data as a strategic asset across their business operations. This complexity arises from varying definitions of data value, diverse stakeholder perspectives, and the interdisciplinarity of data valuation. To address these challenges, this study develops a multi-criteria evaluation model based on the MACBETH approach to help Galp Energia, a Portuguese energy company, assess the value of data products in its renewables division. The developed model incorporates seven criteria across an enterprise architecture’s business, data, and application/technology layer, providing a comprehensive assessment of five data products. The study contributes to the literature by proposing a tailorable data valuation approach that may be applicable to other industries. Beyond quantifying the data product value, the resulting model serves as a managerial tool to support data-driven decision-making. The model is constructed using a robust approach and overcomes the limitations of existing models, such as oversimplification and practical implementation challenges. Additionally, it fosters interdisciplinary collaboration between research and industry. Future research directions include using the model as a foundation for developing modular data valuation frameworks, exploring its application across sectors, and integrating cross-sector benchmarks.