The Price of Data - Workshop with experts from i3-MARKET and EUHubs4Data
Why join the Workshop?
This workshop will enable companies to understand better how to determine the value of data and data sets when attempting to buy or sell on data marketplaces. This will be done by looking at how companies can access data marketplaces and then hosting an interactive session to determine how such platforms arrive at values for data exchanges. Through this, participants will learn how they can price their data and develop new business models. To complement this, the audience will be introduced to the training resources available through the EUHubs4Data Federation support catalogue, which helps companies develop new business models, price data and establish data exchanges.
Description of the Workshop
With data being described as the “new oil”, how can SMEs correctly value and price their data to create new revenue streams and business models to take advantage of the new data economy? Understanding the value of the data you produce can be a complex process, as the standard factors to determine pricing may no longer apply when valuing data.
Establishing new business and pricing models for your data is one way companies can benefit from Europe’s data economy, but creating new models can be difficult without understanding the market.
In this workshop, the business and data experts (from the Athens University of Economics) and training professionals from the KNOW CENTRE Digital Innovation Hub (part of the EUHubs4Data project) will help SMEs to understand how they can put a value on their data and begin to trade in the data economy, through an interactive session that explains the process of creating a business model for data exchanges.
The i3-MARKET presenters, the Athens University of Economics and Business, will explain how SMEs access European data markets (using the example of i3-MARKET technology) and how they intend to price data exchanges on the platform, based upon your input of how your company operates and trades data. This interactive session will also allow you to better understand the value of the data you have generated so that you can begin to price your data appropriately.
Following this session, KNOW CENTER, one of the Digital Innovation Hubs in the EUHubs4Data DIH Federation, will explain the resources available within the Federation to help SMEs develop new business models and better understand how they can take advantage of their data, and join Europe’s data economy.
Introduction to the workshop – James Philpot
|09.35 – 11.35|
The Price of Data Workshop – Athens University of Economics and Business: Vasiliki Koniakoi and Timoleon Farmakis
|11.35 – 12.00||How can Digital Innovation Hubs help SMEs monetise their data and develop new business models? KNOW CENTRE, Christof Wolf-Brenner|
i3-MARKET at IoT Week 2022
i3-MARKET partners organised a series of workshops at the 2022 IoT Week, which took place in Dublin on June 22, on the topic of “Perspectives and Horizons for Data Marketplaces: Focusing on Interoperability and Open-Source Solutions for the Internet of Things.”
You can find out more information about the IoT Week via their website.
#Data #Providers are expected to see benefits from the Backplane as well, as the developments to @Atos #Agora #marketplace have shown. Greater #Data #Access, #Smart #Contracts and #ID #Management can help integrate marketplaces to the ecosystem pic.twitter.com/j9JVg8Bnmm— i3-MARKET (@i3market_eu) June 22, 2022
Agenda and Slides for the Workshops:
|09:00 – 10:30|
Part I – Pilot Demonstrators and Industrial Use Cases
Industry 4.0 Applications – 25 Min. + 5 Min. Q&A
– Edgar Fries, SIEMENS, Germany
Automotive Services – 25 Min. + 5 Min. Q&A
– Carmen Perea Escribano, Atos, Spain
Wellbeing and Healthcare – 25 Min. + 5 Min. Q&A
– Bruno Michel, IBM, Switzerland
|10:30 – 11:00||Coffee Break|
|11:00 – 12:30|
Part II – Technical Presentations for SMEs and Stakeholders
Security & Privacy, Trustworthiness Perspectives to Secure Data Platforms in a competitive Digital Single Market – 20 Min. + 5 Min. Q&A
– Alessandro Amicone, GFT Italia
Wallets, secure Auditing, Blockchain Network– 20 Min. + 5 Min. Q&A
– Juan Hernandez, Rafael Genes, UPC, Spain
Experiences on providing Support Tools for Data Marketplaces and Data Spaces – 15 Min. + 5 Min. Q&A
– Ivan Martinez, Atos, Spain
Smart Contracts Tools – 15 Min. + 5 Min. Q&A
– Susanne Stahnke, SIEMENS AG, Germany
|12:30 – 13:45||Lunch Break|
|13:45 – 16:00|
Part III – Business Models and Sustainability for Data Spaces and Marketplaces with Stakeholders Interaction
Business Modelling Process, Cost Model Vs Prize Model Tool – 25 Min. + 5 Min. Q&A
– Timoleon Farmakis, AUEB, Greece
Data Privacy Impact Assessment Tool – 25 Min. + 5 Min. Q&A
– Philippe Hercelin, IDEMIA, France
Legal Considerations on Digital Markets – 10 Min. + 5 Min. Q&A
– Vasiliki Koniakou, AUEB, Greece
Interactive bespoke feedback and requirements gathering session with Participant SMEs, Companies, Stakeholders – 55 Min. + 5 Min. Q&A
– AUEB – SIEMENS – DIGITALSME – IDEMIA – UPC
|16:30 – 17:15||Coffee Break|
|17:15 – 18:30|
Part IV – Open Source and Engagement Networking Feedback
Data Sharing of Real Time Data – 15 Min. + 5 Min. Q&A
– Alex Gluhak, Urban Data Collective, UK
Semantic Data Model – 15 Min. + 5 Min. Q&A
– Martin Serrano, NUIG, Ireland
Open Source Tools – 15 Min. + 5 Min. Q&A
– Rishabh Chandaliya, NUIG, Ireland
Engagement Networking Feedback & Wrap up– 15 Min. + 5 Min. Q&A
Using Big Data and Data Marketplaces to power
Digital Transformation for European SMEs
i3-MARKET organised a workshop at the 2022 Data Week, on 3rd June, between 12.00 and 14.00 CEST.
The workshop demonstrated to SMEs how the i3-MARKET Backplane will enable them to access a vastly greater marketplace of data, both for sourcing new datasets and providing their own datasets on European marketplaces. This was done through an examination of the existing business models, opportunities and challenges that SMEs encounter with European data and data marketplaces, and using the i3-MARKET Backplane as a possible tool to improve that access. The system was briefly demonstrated to show how they could use it themselves.
The Workshop was divided in three short sections: the first section was a panel debate, where experts discussed how SMEs could benefit from new digital technologies and the challenges of adopting new technologies and tools, and whether they are properly designed for SMEs to take advantage of.
The second section looked more in depth at the i3-MARKET backplane, including how the design processes attempted to make the tool as SME friendly as possible, and demonstrated the backplane in action with the results of our industrial pilots.
The final section engaged the audience via a feedback session to discuss their experiences and user stories with regard to data sharing and using data marketplaces and to discuss new business models that can be derived through the expanding data economy.
SME Forum Report: Understanding the Needs of Data Users and Data Owners
On 31 January, i3-MARKET hosted an SME Forum with members of the European DIGITAL SME Alliance, to hear their thoughts and feedback on how they currently use data and data marketplaces, with the purpose of using this information to help develop the i3-MARKET backplane to better serve the needs of European SMEs. 45 people took part in the Forum, which began with presentations from the i3-MARKET coordinator to introduce the current European landscape for data marketplaces and the benefits that greater data sharing would have for the European data economy. After providing this high-level overview, i3-MARKET technical partners then demonstrated the backplane technology that the project is developing, highlighting how this could be used by European companies to access multiple data marketplaces across a range of sectors.
Following these presentations, the participants were divided into thematic breakout sessions to discuss in more detail their experiences and motivations for using data marketplaces with i3-MARKET partners. From these discussions, i3-MARKET was able to understand several important factors that can help inform the development of the backplane to ensure that it suits the needs of its users.
One key takeaway from the Forum was that there was a stark divide between the participants in attendance as to how much time they would be willing to spend to connect to the Backplane, as some would be willing to invest more than two weeks to onboard, while others would only want to spend less than two days – and the split of participants was nearly 50/50 along this divide. This contrast could be interpreted in a number of ways, but this would suggest that perhaps some companies are still struggling to find value through data marketplaces and therefore don’t see them as a something worth investing time in. In this breakout room, the split between data providers and data consumers was also nearly 50/50, highlighting two of the key audiences that the project can engage with, and potentially form the basis of future Forums or workshop. It would be interesting to investigate further whether there is alignment between company role (data provider/data consumer) with regard to the Backplane and their willingness to invest time into onboarding, as this could reveal motivations for companies engaging with the Backplane. It did appear from initial discussions that data providers were willing to spend time onboarding, and data consumers not as interested.
The second takeaway from the meeting is that companies were interested to understand further how the Backplane could impact their business models. There were several comments regarding the incentives to use the Backplane and how i3-MARKET conceptualised transactions. Timoleon presented the i3-MARKET business models, highlighting where value could be derived for the users of the Backplane.
There was also discussion regarding the value proposition of the Backplane for SMEs, which can be considered at two levels: firstly, the practical, felt benefits of integrating with an ecosystem of data marketplaces: i.e being able to find already sorted/indexed data, more markets for data providers to sell to, greater ease-of-use for buyers, easier to source relevant data for testing new applications; and secondly, higher level, more abstract benefits, that potentially relate to the develop of the data economy, such as development of new innovations and the creation of new business models around data sharing. While it can be quite easy for the project to demonstrate how the Backplane will provide the practical benefits for companies, the conversation around the abstract level benefits – which may be required to convince non-data user companies to begin using data in their business practices, may need development, and in this, i3-MARKET is perhaps only one voice among many.
To complement this, it was agreed that the status of the Backplane as a non-profit technology based on an open-source approach was a positive indicator.
The Forum also helped the project partners identify some challenges that companies will face when adopting the backplane. Trust in the sources of data was raised as a particular concern, as users would like to be sure of the accuracy and legitimacy of the data that they will be receiving. Ensuring user trust in the system can be achieved through greater communication of the privacy, trust and security design features of the backplane. The sharing of data was also discussed, as consent would be needed from data owners before sharing their data across different platforms.
Further to this, there was interest in the anonymisation techniques that would be used and whether these could result in loss of information when transferring data. Another challenge that was raised was the supply of data for the platform. The access to large amount of data that the Backplane provides is a pull factor for SMEs to use the platform and in the World Café session there was interest in understanding the onboarding process for big data suppliers to ensure that there was a strong supply of data for companies to access.
The challenges of different data models and how companies would like to access data was raised by ATOS during this session, but it appears that there was no consensus on the type of data standardisation that would be preferred by companies. This could be explored further in a follow up meeting, as enabling ease-of-access is a good value proposition for the backplane. Another issue that was raised was how
Thanks to the hard work of partners in preparing an interesting and relevant workshop and the attendees for sharing their thoughts, experiences and opinions, i3-MARKET was able to host an informative and engaging SME Forum that will contribute to the design of the Backplane and hopefully its adoption by SMEs looking to benefit from greater access to data. The Forum provided some clear insights into the value of the platform, as well as highlighting areas in which the consortium needs to deal with challenges. Given the diversity of companies that took part in the forum, there are many avenues that can be explored in the future for further requirements gathering, including organising workshops by user type and offering more practical onboarding services for the companies that are already interested in using the backplane.
Digital Transformation by Means of Big Data, Marketplaces and Data Economy
Digital Transformation has arrived and currently, it is happening too fast for societies to truly harness the powers of the transformation. In times when the new fuel is data, marketplaces for bringing value to data assets are growing ever popular and data economy models are still under development, many design aspects for the Digital Transformation still needs to be defined.
SMEs and Entrepreneurs are facing the biggest challenge and face major hurdles in comparison with large industries and corporations who traditionally dominate the large data markets. However, Digital Transformation is an opportunity for new ideas, disruptive models and only SME’s and Entrepreneurs are have the speed and agility to adopt and adapt new business models, in relation to how large industries. function. In a workshop at the European Big Data Value Forum, the i3-MARKET partners explored how data and data marketplaces can be opened up to European SME and Entrepreneurs through the use of new technologies.
The workshop began with Project Coordinator Dr Martin Serrano identifying the trends that are powering the digital transformation and the benefits of greater digitalisation, such as:
- Data-driven, analytics based customer experience is a priority
- Emergence of new online business models will drive growth
- A strong focus on resilient supply chains leveraging analytics
- The growth of a flexible work culture will drive benefits for both employees and employers
- Remote talent management will be a key requirement
- Providers will focus on building 5G infrastructure
- Cybersecurity will remain a top priority
- AI as a complementary technology for diverse use cases
- The cloud and IoT will be common infrastructures
- Blockchain will increasingly be considered as a mainstream technology
Data will be a driver of many of these processes, and for Europe, and European SMEs to be able to harness these trends, data marketplaces will need to become enablers of data sharing and exchanges, across multiple domains.
To do so, backend technologies are needed that facilitate the connection between marketplaces and allow easier access for SMEs, that may not have the capacity to find relevant data or ensure that it is in a useable format for their systems.
Ivan Martinez Rodriguez, of ATOS, and Marcio Mateus further developed this idea, explaining how tools to allow for federation of data marketplaces and exchanges would help marketplaces to co-exist. Ivan introduced the i3-MARKET backplane as a specific tool that allows data marketplaces to interact with eachother, following a data-centric approach.
Alessandro Amicone, of GFT further explained how the backplane would work, and how i3-MARKET has implemented and SNK-RI to facilitate the use of the service, so that SMEs can take advantage of multiple data services without having to learn and operate the different technologies and interfaces that they run on. For more information on this, and to view the building blocks of the i3-MARKET backplane, you can go to the Open Source i3-MARKET website .
i3-MARKET at Digital Around the World 2021
i3-MARKET hosted a session at Digital Around the World 2021 this October, which focused on how big data and data marketplaces can power Europe’s digital transformation. Leading the discussions, Coordinator Dr Martin Serrano explained the current trends and ambitions from the European Parliament and Commission that demonstate the emphasis that they are placing on Europe’s digital transformation. He identified the top trends powering this transformation as:
- Data driven, analytics based customer experience
- Emergence of online business models will drive growth
- Focus on resilient supply chains leveraging analytics
- Growth of flexible work culture will drive benefits for both employers and employees
- Remote talent management will be key requirement
- Providers will focus on building 5G infrastructure
- Cybersecurity will continue to be a major focus
- AI as a complementary technology for diverse use cases
- The cloud and IoT as common infrastructure
- Blockchain will increasingly be considered a mainstream technology
Achille Zappa, Coordinator of i3-MARKET then explained how the development of the use of big data, and the growth of European data marketplaces could be a key enables in accelerating these trends, and allowing European companies to take advantage of European data. He highlighted how European initiatives, such as the i3-MARKET Backplane, will allow companies greater access to data and data marketplaces, for both buying and selling
The event also featured contributions from Gerrit Rosam, from the TRUSTS Project; Bijan Yadollahi, of the DOME 4.0 project and Ernesto Troiano. More than 50 people were watching online, while over 600 people watched more than 100 speakers from 53 countries take part in the whole event.
You can watch the recoding of the event on the event website, using this link.
"Open Data, Open Markets and Open Source Software Tools for European Marketplaces" Workshop
i3-MARKET hosted a Workshop at the BDVA Data Week, that identified and introduced technologies and solutions for a trusted (secure, self-governing, consensus-based and auditable), interoperable (semantic-driven) and decentralised (scalability) marketplace infrastructure.
The Workshop focused on open-source software technologies that enable federation via interoperability of the existing and future emerging data spaces and marketplaces.
You can see the speakers and presentations below.
Digital services are growing year on year, with data market economies scaling up, which provides strong opportunities for European companies.
i3-MARKET Coordinator to present "Semantic data models for enabling/enhancing interoperability in Data Marketplaces" in BDVA/DAIRO Meeting
Project Coordinator Achille Zappa took part in the BDVA/DAIRO Project Meeting on April 21, presenting the i3-MARKET research on semantic data models for enabling/enhancing interoperability in Data Marketplaces, specifically on the DCAT Data Model Extension and OCASUS Ontology approach that the project is employing.
The meeting brought together different projects that are associated with the BDVA and was an opportunity to present recent information from the use cases that i3-MARKET has analysed, and discuss with other projects on how interoperability can be enhanced.
Stratos Baloutsos presents the Business Challenges of the European Data Market
His presentation (available below) explored the misconceptions around how businesses can use and monetize data, the current business models driven by data and how these can generate revenue, and the difference challenges that these models face.
He then explained how Data-marketplaces can help these models achieve sustainability, by solving the “chicken and egg” problem and benefiting data owners, users and providers. He concluded by explaining that as a tool for integrating multiple data marketplaces , i3-MARKET can make it easier for businesses to exploit European data and power the growth of the European Data Market.