Quantitative modelling of the value of data for manufacturing SMEs in smart service provision

Meierhofer, Jürg; Benedech, Rodolfo Andres; Schweiger, Lukas; Barbieri, Cosimo; Rapaccini, Mario

doi:10.1051/itmconf/20224104001

Please use this identifier to cite or link to this item: https://doi.org/10.21256/zhaw-24397

Publication type:	Conference paper
Type of review:	Peer review (publication)
Title:	Quantitative modelling of the value of data for manufacturing SMEs in smart service provision
Authors:	Meierhofer, Jürg Benedech, Rodolfo Andres Schweiger, Lukas Barbieri, Cosimo Rapaccini, Mario
et. al:	No
DOI:	10.1051/itmconf/20224104001 10.21256/zhaw-24397
Proceedings:	International Conference on Exploring Service Science (IESS 2.2)
Editors of the parent work:	Le Dinh, Thắng Drăgoicea, Monica
Page(s):	04001
Conference details:	12th International Conference on Exploring Service Science, Geneva (virtual), 16-18 February 2022
Issue Date:	8-Feb-2022
Series:	ITM Web of Conferences
Series volume:	41
Publisher / Ed. Institution:	EDP Sciences
ISSN:	2271-2097
Language:	English
Subjects:	Value; Data-driven service; Quantitative modelling; Simulation modelling
Subject (DDC):	658.403: Decision making, information management
Abstract:	The provision of advanced services becomes a relevant differentiation for manufacturing companies, in particular for SMEs (small and medium-sized enterprises). These services, also referred to as smart services, require the collection and processing of data from equipment, customers, and processes, as well as the development of analytics models and the interpretation of their results for improved service value propositions. These steps require significant engagement of the firms in terms of technical and human resources, skills, and new types of value creation processes, which is a major hurdle especially for SMEs. As the value that can be achieved when leveraging the information inherent in the data is not known a priori, the enterprises are not sufficiently informed for taking the decision to engage. Consequently, they are missing out on relevant business opportunities due to a lack of quantitative models for assessing the value of data. In this paper, we discuss the existing literature on data valuation models and explore the state of practice through an interview-based field study. We develop a model for the utility-based valuation of data that helps companies expand their fund of knowledge and skills about the value of their data and thus make better-informed investment decisions. A simulation-based model is developed to support companies in this assessment by providing quantitative insights in the value potential of the data in various use cases. This model opens a series of new research questions for the further elaboration of the data valuation models.
URI:	https://digitalcollection.zhaw.ch/handle/11475/24397
Fulltext version:	Published version
License (according to publishing contract):	CC BY 4.0: Attribution 4.0 International
Departement:	School of Engineering
Organisational Unit:	Institute of Data Analysis and Process Design (IDP)
Published as part of the ZHAW project:	Gestaltung der Interaktionen von Mensch und Maschine in autonomen digitalen Service Ecosystemen (sozio-technischen Systemen) Data Sharing Framework
Appears in collections:	Publikationen School of Engineering

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Meierhofer, J., Benedech, R. A., Schweiger, L., Barbieri, C., & Rapaccini, M. (2022). Quantitative modelling of the value of data for manufacturing SMEs in smart service provision [Conference paper]. In T. Le Dinh & M. Drăgoicea (Eds.), International Conference on Exploring Service Science (IESS 2.2) (p. 4001). EDP Sciences. https://doi.org/10.1051/itmconf/20224104001

Meierhofer, J. et al. (2022) ‘Quantitative modelling of the value of data for manufacturing SMEs in smart service provision’, in T. Le Dinh and M. Drăgoicea (eds) International Conference on Exploring Service Science (IESS 2.2). EDP Sciences, p. 04001. Available at: https://doi.org/10.1051/itmconf/20224104001.

J. Meierhofer, R. A. Benedech, L. Schweiger, C. Barbieri, and M. Rapaccini, “Quantitative modelling of the value of data for manufacturing SMEs in smart service provision,” in International Conference on Exploring Service Science (IESS 2.2), Feb. 2022, p. 04001. doi: 10.1051/itmconf/20224104001.

MEIERHOFER, Jürg, Rodolfo Andres BENEDECH, Lukas SCHWEIGER, Cosimo BARBIERI und Mario RAPACCINI, 2022. Quantitative modelling of the value of data for manufacturing SMEs in smart service provision. In: Thắng LE DINH und Monica DRĂGOICEA (Hrsg.), International Conference on Exploring Service Science (IESS 2.2). Conference paper. EDP Sciences. 8 Februar 2022. S. 04001

Meierhofer, Jürg, Rodolfo Andres Benedech, Lukas Schweiger, Cosimo Barbieri, and Mario Rapaccini. 2022. “Quantitative Modelling of the Value of Data for Manufacturing SMEs in Smart Service Provision.” Conference paper. In International Conference on Exploring Service Science (IESS 2.2), edited by Thắng Le Dinh and Monica Drăgoicea, 4001. EDP Sciences. https://doi.org/10.1051/itmconf/20224104001.

Meierhofer, Jürg, et al. “Quantitative Modelling of the Value of Data for Manufacturing SMEs in Smart Service Provision.” International Conference on Exploring Service Science (IESS 2.2), edited by Thắng Le Dinh and Monica Drăgoicea, EDP Sciences, 2022, p. 4001, https://doi.org/10.1051/itmconf/20224104001.