Data Value Chain Loop
The availability of data is transforming the global economy, as well as large sections of civic society on an unprecedented scale. Many organisations, regardless of industry focus, now consider data to be a vital strategic asset and a central source of innovation and economic growth. A recent title page of The Economist asked if data is the “new oil”, in other words a raw material of great value in powering the economy. Instead, data seems to be a new form of asset, one where bringing together individual pieces increases the value by delivering new insights and correlations. In addition, using data does not consume that data: rather it can still be used by others, or built on and reused many times over. As a result, being able to collect and exploit large volumes of data in an efficient manner has become an important source of value. Data-driven businesses currently generate higher returns than traditional businesses since, once collected, the data can be mined for multiple purposes and cycles of collection and exploitation become self-sustaining.
The business of collecting and exploiting all types of data, whether personal, machine or system generated data, can be analysed with reference to a value chain framework. This emerging data value chain consists of several discrete steps:
At Infotrax, we specialize in complementing the data value chain loop for vibration and engineering data. Our scope of services includes deliver, install, commission complete vibration monitoring and virtual asset management systems from our proven principals.