The value of data

 The value of data exchanged between legal entities in operational networks is determined by several key factors:

• The context of the data
  • context gives meaning to data (even the absence of data may have meaning in a given context)
  • the same data in a different context has a different meaning to a different actor

• The timing: when is the meaning revealed to an actor?
  • The timing of when data’s meaning is revealed to an actor can significantly impact its value.
  • Whether the data is revealed before or after an event can lead to vastly different outcomes.

• The agency of the actor: can he/she act upon the revealed meaning?
  • This involves the actor’s power, capabilities, and resources.
  • It also depends on their role and responsibilities.

Data exchange can therefore lead to value exchange, value creation or value loss for the data owner. To fully control the value of data, a data owner must manage all three of these aspects—context, timing, and agency.

Controlling the value

The BDI framework empowers data owners to control the value creation process by enabling them to:

• Control when an actor is notified about the existence of new, relevant data related to an event (when).
• Define a closed or limited set of actors who are notified and granted conditional access to specific data (who).
• Authenticating any actor that desires access to data, and if this actor is related to specific data (why).
• Assess the level of trust that can be placed in that actor (if).
• Authorize limited access to data—restricting time, data elements, and other factors—based on the actor’s response to distributed notifications (what).