On the June 5th, 2024, the DataWeek24 session titled “Data Value Creation” was held.
The event brought together leading experts and participants to delve into the critical aspects of deriving high value from data, particularly in the context of data sharing through data spaces.
A Focus on Data Value
The session, moderated by Daniel Alonso Román from BDVA, centered around the idea that “Data sharing is just the means, not the end.” This theme set the stage for an in-depth exploration of how organizations can maximize the value of their data by incorporating new dimensions of data sharing. The discussion drew from previous insights shared during sessions at the Data Spaces Symposium in Darmstadt, ongoing BDVA papers, and the BDVA value creation framework.
Key topics included:
- “Value-by-Design” in Data Lifecycle and Data Sharing: Tools and technical components essential for embedding value creation into every stage of the data lifecycle.
- AI and Data/Data Spaces: How AI technologies can be leveraged to enhance data spaces.
- Applications on Top of Data/Data Spaces: The role of AI-driven and other applications in creating additional value.
- Experimentation for Data Value Creation: The importance of testing and experimentation in uncovering new value streams.
- Data Products: The technical, business, and legal considerations of data products, particularly in the context of data sharing and trading.
- Value-Driven Business Models: Cross-sector and sector-oriented approaches, including data monetization strategies.
- Impact and Use Cases: Real-world examples demonstrating the practical application and impact of these concepts.
- Additional Value Aspects: Discussions on data quality, protection, governance, and conformity as critical factors in value creation.
Insights from UPCAST
The UPCAST project was represented at the session by Andrea Palumbo from KU Leuven, who presented on how UPCAST’s plug-ins align with AI Act, GDPR, and other regulatory frameworks. His presentation highlighted the innovative technologies developed within UPCAST that ensure safe, fair, and interoperable data exchange and monetization.
Andrea Palumbo’s presentation was part of a broader discussion that included contributions from other distinguished speakers:
- Francesco Mureddu, The Lisbon Council
- Daniel Sáez Domingo, ITI
- Rizkallah Touma, Ph.D., i2CAT
- Tanguy Coenen, imec
- Sylvia Ilieva, GATE Institute
- Daniel Arosa Otero, NTT DATA
- Harri Ketamo, Headai
Additionally, Andrea Palumbo, along with Luis Daniel Ibáñez from the University of Southampton, engaged in the Data Contracts Legal Lab, co-hosted with BDVA. Luis Ibáñez addressed the technical challenges associated with the automated negotiation and execution of data contracts, a key focus area for the UPCAST project.
The session was a productive event, offering a platform for sharing expertise, exploring new ideas, and fostering collaboration among leading figures in the data value creation landscape. The discussions and presentations not only highlighted the current state of data value creation but also pointed to future directions and opportunities for innovation.