Data: from collection to impact
Through a well-functioning Data Value Chain raw data is transformed into value: from data generation, aggregation, analysis and distribution to the creation of final products and services. The first step in the value chain is to create data. The data is then validated and released, after which it can be aggregated and analysed. By aggregating different data sets, new insights can be used for better decision-making or new products or services. Throughout this process various actors can be involved, and different challenges appear, often due to volume, velocity, and variety of data.
The concept of the data value chain can be applied to different fields and sectors. Open watch introduced their interpretation and visualisation of the chain in The Data Value Chain: Moving from Production to Impact, applying it to gender data. Read more about the data value chain in the European strategy of 2013.
Figure 1 Data Value Chain