A Modern Approach to Value Creation : The Data Value Chain

Although manufacturing has brought economic prosperity to many economies, it has been difficult to maintain or achieve manufacturing competitiveness. Global manufacturing value-added has been growing since 2004, demonstrating the importance of manufacturing in the global economy. However, much of this growth has been driven by the growth of the Chinese economy rather than that of developed economies. In fact, several developed economies are losing their shares of manufacturing value-added.To address this issue, several countries, including the Republic of Korea, have implemented policies to enhance the competitiveness of their manufacturing sectors. Most of these policies focus on adopting appropriate technological advances in manufacturing to create additional value. With the aforementioned evolution of the manufacturing sector and the rapid development of data science, the significance of data in manufacturing as a new source of competitiveness is becoming increasingly apparent to both governments and companies. This realization has prompted institutions to consider how best to capitalize on this opportunity. Against this backdrop, this paper explores the data value chain approach as a means of generating value from manufacturing data