The ADAPT Centre, a consortium of researchers from Ireland’s leading universities, with the support of Horizon 2020, the EU’s largest innovation support program with a budget of almost €80 billion, has presented a data valuation tool called “Saffron”.
The motivation is to promote data value creation by quantifying the value of data.
In the recent publication, researchers note that there currently is no consensus on the definition or presentation of data value. Although it is obvious that the use of data has become an important part of our daily lives, few are able to understand the benefits of the value of data.
In fact, many companies hoard data without actually using it or understanding its potential. This is one of the reasons why researchers are presenting the Data Value Assessment Tool “Saﬀron”. It is a customizable tool, which takes a number of data assessment dimensions into account to determine a comprehensive and contextual data value.
Although it currently still is a proof of concept with a limited number of implemented dimensions and key figures, the tool has already been validated and evaluated with stakeholders, according to its own statement.
In the proof of concept, the researchers have implemented four dimensions to characterize the data value: infrastructure, usage, data and quality.
For each of these four dimensions, they have implemented a group of factors that add up to eight individual indicators across the four dimensions.
Depending on the user, these points are weighted differently. It becomes particularly clear that different users of the tool will valuate the data differently. In other words, due to the heterogeneous application areas, the same data records in different companies or even in different departments of a company will also experience different financial valuations in the future.
It remains to be seen whether “Saffron” will establish itself as a data valuation tool.