Data has become an indispensable commodity that is a basis for many products and services. All data has social and commercial value, and its use will result in a number of different impacts in different dimensions, including technical, societal, financial, and political. Data Value Chains are being exploited as models that drive data exploitation and value creation initiatives. The problem with such initiatives is that they do not efficiently exploit data value. Stakeholders such as businesses, consultancies, app developers, or any entities that use data, are not obtaining the highest benefits from the data within the initiative in question. A simple example of this is when data being used does not have good quality, and therefore the exploitation process is not efficient, or the results are not reliable.
The objective of this project is to provide new methods and tools for the optimisation of data value chains, so that data value can be exploited as efficiently and the full extent of possible benefits can be reaped. To achieve this objective, I will focus on developing a decision support tool as an optimisation technique for decision-making within a data value chain. This will require the definition of models, methods, and tools to monitor data value, analyse data value chain processes, and will result in the first tools for end-to-end optimisation of data value chains. OptimusChain will therefore address the market opportunity of turning data into information and ultimately knowledge that can be exploited for both economic and social benefit by citizens.
Optimus Chain will aid any stakeholders who use data assets to optimise their data value processes and extract more benefits from exploiting data. These benefits will not only directly impact the original stakeholders, but can also indirectly impact other people and/or domains. For example the optimised use of medical data for diagnosis will result in a more efficient and/or accurate diagnostic process, but also a potentially improved rate of treatment success resulting from an earlier diagnosis.