Incentives and Economics of Data Sharing - IEDS

In the wake of Industry 4.0, Big Data, Artificial Intelligence and the Internet-of-Things, data is gaining importance in virtually all sectors of the economy. Many companies have data resources (e.g. sensor data from production machines, product data or supplier data), but do not fully exploit their potential. This is partly because the value of the data is not recognized, and partly because there are concerns about data protection and sharing intellectual property. Yet the use of data as a commodity in its own right offers many opportunities, ranging from data trading to innovative data-based services or new collaboration opportunities. For example, users of production machines can pass on sensor data to a service provider. This service provider offers discounted predictive maintenance services for passing on the data.

The research project »Incentives and Economics of Data Sharing (IEDS)« aims to support companies in exploiting the potential of their "data treasures" and participating profitably in data ecosystems. Surveys are used to identify the greatest challenges encountered in practice and to develop appropriate solutions. In particular, the establishment of internal data strategy and data management, the evaluation of data, the design of data-based business models, the merging of data providers and data consumers, and legal issues are the focus of attention.

The results produced in IEDS enable companies to:

• Better assess the value of their data using valuation techniques,
• strategically plan the use of their data and organize it with the help of systematic data management,
• develop new data-based business models, and
• effectively provide data offerings to potential customers via data marketplaces.
• In this way, companies can become part of a data ecosystem based on European values of data sovereignty and security, which is currently emerging on the basis of the GAIA-X and IDS initiatives.