A valorization framework to strategically manage data for creating competitive value

Claudio Bonvino and Marco Giorgino

International Journal of Production Economics, 2024, vol. 269, issue C

Abstract: Today's big challenge is to use data for informed decision-making. Despite the multitude of data definitions, managers should manage this digital resource strategically to create a competitive value. Previous studies accounted for data technically, either as technology, analytical process, or information system advancement, opening new avenues for management studies on data valorization in multiple industries. Among industries, Insurtech merges the leadership of information and the adoption of data-driven technologies that enable the creation of value. Based on a systematic literature review in the insurtech context, the research identified the pivotal role of data as a strategic business asset and emphasizes the need for data orchestration in insurtech companies to attain a competitive edge. The findings produced a theoretical data valorization framework and four data competitive advantages (enhanced risk assessment, optimized operations, customer engagement, and openness) to position in the market. Managers are enhanced to decide the practices for a competitive value. Policymakers could drive strategies for fostering corporates' data journey toward innovation and competition. The novelty of the study is the comprehensive view that enables valorizing data.

Keywords: Data asset; Data valorization; Data strategy; Data management; Competitive advantage; Insurtech (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:proeco:v:269:y:2024:i:c:s0925527324000094

DOI: 10.1016/j.ijpe.2024.109152

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