A pricing model to monetize your industrial data

Abstract

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Data monetization (DM) has become a relevant aspect of the industrial manufacturing. Consequently, this paper proposes a theoretical framework as well as a mathematical model to price industrial data. For this purpose, three characteristics of the data were considered, i.e. 1) quality; 2) entropy and 3) value. Besides, the role of data marketplace’s players was analyzed. In order to validate the economic equation, a case study was carried out by a Spanish manufacturer.

Keywords

• data monetization
• data pricing
• data quality
• data entropy
• data value
• data marketplaces