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Open Access
Article
Publication date: 22 December 2023

Tao Xu, Hanning Shi, Yongjiang Shi and Jianxin You

The purpose of this paper is to explore the concept of data assets and how companies can assetize their data. Using the literature review methodology, the paper first summarizes…

743

Abstract

Purpose

The purpose of this paper is to explore the concept of data assets and how companies can assetize their data. Using the literature review methodology, the paper first summarizes the conceptual controversies over data assets in the existing literature. Subsequently, the paper defines the concept of data assets. Finally, keywords from the existing research literature are presented visually and a foundational framework for achieving data assetization is proposed.

Design/methodology/approach

This paper uses a systematic literature review approach to discuss the conceptual evolution and strategic imperatives of data assets. To establish a robust research methodology, this paper takes into account two main aspects. First, it conducts a comprehensive review of the existing literature on digital technology and data assets, which enables the derivation of an evolutionary path of data assets and the development of a clear and concise definition of the concept. Second, the paper uses Citespace, a widely used software for literature review, to examine the research framework of enterprise data assetization.

Findings

The paper offers pivotal insights into the realm of data assets. It highlights the changing perceptions of data assets with digital progression and addresses debates on data asset categorization, value attributes and ownership. The study introduces a definitive concept of data assets as electronically recorded data resources with real or potential value under legal parameters. Moreover, it delineates strategic imperatives for harnessing data assets, presenting a practical framework that charts the stages of “resource readiness, capacity building, and data application”, guiding businesses in optimizing their data throughout its lifecycle.

Originality/value

This paper comprehensively explores the issue of data assets, clarifying controversial concepts and categorizations and bridging gaps in the existing literature. The paper introduces a clear conceptualization of data assets, bridging the gap between academia and practice. In addition, the study proposes a strategic framework for data assetization. This study not only helps to promote a unified understanding among academics and professionals but also helps businesses to understand the process of data assetization.

Details

Asia Pacific Journal of Innovation and Entrepreneurship, vol. 18 no. 1
Type: Research Article
ISSN: 2071-1395

Keywords

Article
Publication date: 14 April 2023

Zihao Ye, Georgios Kapogiannis, Shu Tang, Zhiang Zhang, Carlos Jimenez-Bescos and Tianlun Yang

Built asset management processes require a long transition period to collect, edit and update asset conditions information from existing data sets. This paper aims to explore and…

Abstract

Purpose

Built asset management processes require a long transition period to collect, edit and update asset conditions information from existing data sets. This paper aims to explore and explain whether and how digital technologies, including asset information model (AIM), Internet of Things (IoT) and blockchain, can enhance asset conditions assessment and lead to better asset management.

Design/methodology/approach

Mixed methods are applied to achieve the research objective with a focus in universities. The questionnaire aims to test whether the integration of AIM, IoT and blockchain can enhance asset condition assessment (ACA). Descriptive statistical analysis was applied to the quantitative data. The mean, median, mode, standard deviation, variance, skewness and range of the data group were calculated. Semi-structured interviews were designed to answer how the integration of AIM, IoT and blockchain can enhance the ACA. Quantitative data was analysed to define and explain the essential factors for each sub-hypothesis. Meanwhile, to strengthen the evaluation of the research hypothesis, the researcher also obtained secondary data from the literature review.

Findings

The research shows that the integration of AIM, IoT and blockchain strongly influences asset conditions assessment. The integration of AIM, IoT and blockchain can improve the asset monitoring and diagnostics through its life cycle and in different aspects, including financial, physical, functional and sustainability. Moreover, the integration of AIM, IoT and blockchain can enhance cross-functional collaboration to avoid misunderstandings, various barriers and enhance trust, communication and collaboration between the team members. Finally, costs and risk could be reduced, and performance could be increased during the ACA.

Practical implications

The contribution of this study indicated that the integration of AIM, IoT and blockchain application in asset assessment could increase the efficiency, accuracy, stability and flexibility of asset assessment to ensure the reliability of assets and lead to a high-efficiency working environment. More importantly, a key performance indicator for ACA based on the asset information, technology and people experience could be developed gradually.

Originality/value

This study can break the gap between transdisciplinary knowledge to improve the integration of people, technology (AIM, IoT and blockchain) and process value-based ACA in built asset management within universities.

Details

Construction Innovation , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1471-4175

Keywords

Article
Publication date: 14 December 2023

Maren Hinrichs, Loina Prifti and Stefan Schneegass

With production systems become more digitized, data-driven maintenance decisions can improve the performance of production systems. While manufacturers are introducing predictive…

Abstract

Purpose

With production systems become more digitized, data-driven maintenance decisions can improve the performance of production systems. While manufacturers are introducing predictive maintenance and maintenance reporting to increase maintenance operation efficiency, operational data may also be used to improve maintenance management. Research on the value of data-driven decision support to foster increased internal integration of maintenance with related functions is less explored. This paper explores the potential for further development of solutions for cross-functional responsibilities that maintenance shares with production and logistics through data-driven approaches.

Design/methodology/approach

Fifteen maintenance experts were interviewed in semi-structured interviews. The interview questions were derived based on topics identified through a structured literature analysis of 126 papers.

Findings

The main findings show that data-driven decision-making can support maintenance, asset, production and material planning to coordinate and collaborate on cross-functional responsibilities. While solutions for maintenance planning and scheduling have been explored for various operational conditions, collaborative solutions for maintenance, production and logistics offer the potential for further development. Enablers for data-driven collaboration are the internal synchronization and central definition of goals, harmonization of information systems and information visualization for decision-making.

Originality/value

This paper outlines future research directions for data-driven decision-making in maintenance management as well as the practical requirements for implementation.

Details

Journal of Quality in Maintenance Engineering, vol. 30 no. 1
Type: Research Article
ISSN: 1355-2511

Keywords

Open Access
Article
Publication date: 19 January 2023

Benjamin Hellenborn, Oscar Eliasson, Ibrahim Yitmen and Habib Sadri

The purpose of this study is to identify the key data categories and characteristics defined by asset information requirements (AIR) and how this affects the development and…

1413

Abstract

Purpose

The purpose of this study is to identify the key data categories and characteristics defined by asset information requirements (AIR) and how this affects the development and maintenance of an asset information model (AIM) for a blockchain-based digital twin (DT).

Design/methodology/approach

A mixed-method approach involving qualitative and quantitative analysis was used to gather empirical data through semistructured interviews and a digital questionnaire survey with an emphasis on AIR for blockchain-based DTs from a data-driven predictive analytics perspective.

Findings

Based on the analysis of results three key data categories were identified, core data, static operation and maintenance (OM) data, and dynamic OM data, along with the data characteristics required to perform data-driven predictive analytics through artificial intelligence (AI) in a blockchain-based DT platform. The findings also include how the creation and maintenance of an AIM is affected in this context.

Practical implications

The key data categories and characteristics specified through AIR to support predictive data-driven analytics through AI in a blockchain-based DT will contribute to the development and maintenance of an AIM.

Originality/value

The research explores the process of defining, delivering and maintaining the AIM and the potential use of blockchain technology (BCT) as a facilitator for data trust, integrity and security.

Details

Smart and Sustainable Built Environment, vol. 13 no. 1
Type: Research Article
ISSN: 2046-6099

Keywords

Open Access
Article
Publication date: 17 November 2023

Peiman Tavakoli, Ibrahim Yitmen, Habib Sadri and Afshin Taheri

The purpose of this study is to focus on structured data provision and asset information model maintenance and develop a data provenance model on a blockchain-based digital twin…

Abstract

Purpose

The purpose of this study is to focus on structured data provision and asset information model maintenance and develop a data provenance model on a blockchain-based digital twin smart and sustainable built environment (DT) for predictive asset management (PAM) in building facilities.

Design/methodology/approach

Qualitative research data were collected through a comprehensive scoping review of secondary sources. Additionally, primary data were gathered through interviews with industry specialists. The analysis of the data served as the basis for developing blockchain-based DT data provenance models and scenarios. A case study involving a conference room in an office building in Stockholm was conducted to assess the proposed data provenance model. The implementation utilized the Remix Ethereum platform and Sepolia testnet.

Findings

Based on the analysis of results, a data provenance model on blockchain-based DT which ensures the reliability and trustworthiness of data used in PAM processes was developed. This was achieved by providing a transparent and immutable record of data origin, ownership and lineage.

Practical implications

The proposed model enables decentralized applications (DApps) to publish real-time data obtained from dynamic operations and maintenance processes, enhancing the reliability and effectiveness of data for PAM.

Originality/value

The research presents a data provenance model on a blockchain-based DT, specifically tailored to PAM in building facilities. The proposed model enhances decision-making processes related to PAM by ensuring data reliability and trustworthiness and providing valuable insights for specialists and stakeholders interested in the application of blockchain technology in asset management and data provenance.

Details

Smart and Sustainable Built Environment, vol. 13 no. 1
Type: Research Article
ISSN: 2046-6099

Keywords

Open Access
Article
Publication date: 15 July 2022

Susanne Leitner-Hanetseder and Othmar M. Lehner

With the help of “self-learning” algorithms and high computing power, companies are transforming Big Data into artificial intelligence (AI)-powered information and gaining…

4266

Abstract

Purpose

With the help of “self-learning” algorithms and high computing power, companies are transforming Big Data into artificial intelligence (AI)-powered information and gaining economic benefits. AI-powered information and Big Data (simply data henceforth) have quickly become some of the most important strategic resources in the global economy. However, their value is not (yet) formally recognized in financial statements, which leads to a growing gap between book and market values and thus limited decision usefulness of the underlying financial statements. The objective of this paper is to identify ways in which the value of data can be reported to improve decision usefulness.

Design/methodology/approach

Based on the authors' experience as both long-term practitioners and theoretical accounting scholars, the authors conceptualize and draw up a potential data value chain and show the transformation from raw Big Data to business-relevant AI-powered information during its process.

Findings

Analyzing current International Financial Reporting Standards (IFRS) regulations and their applicability, the authors show that current regulations are insufficient to provide useful information on the value of data. Following this, the authors propose a Framework for AI-powered Information and Big Data (FAIIBD) Reporting. This framework also provides insights on the (good) governance of data with the purpose of increasing decision usefulness and connecting to existing frameworks even further. In the conclusion, the authors raise questions concerning this framework that may be worthy of discussion in the scholarly community.

Research limitations/implications

Scholars and practitioners alike are invited to follow up on the conceptual framework from many perspectives.

Practical implications

The framework can serve as a guide towards a better understanding of how to recognize and report AI-powered information and by that (a) limit the valuation gap between book and market value and (b) enhance decision usefulness of financial reporting.

Originality/value

This article proposes a conceptual framework in IFRS to regulators to better deal with the value of AI-powered information and improve the good governance of (Big)data.

Details

Journal of Applied Accounting Research, vol. 24 no. 2
Type: Research Article
ISSN: 0967-5426

Keywords

Article
Publication date: 5 February 2024

Azzam Raslan, Ali Cheshmehzangi, Dave Towey, Walid Tizani and Georgios Kapogiannis

Currently, owners find it difficult to manage their assets throughout their project life cycle. The fact that asset information models (AIMs) are mandatory as deliverables for…

Abstract

Purpose

Currently, owners find it difficult to manage their assets throughout their project life cycle. The fact that asset information models (AIMs) are mandatory as deliverables for building information modeling-driven projects makes it a key requirement for the client to understand in detail those factors affecting asset operation. Hence, because the Kingdom of Saudi Arabia is the most significant market in the Middle East, this study aims to investigate those factors where blockchain and AIMs could impact the asset management (AM) life cycle.

Design/methodology/approach

Researchers used a hypothesis-based approach over a systematic literature review and a workshop (descriptive statistics) to understand the current challenges in AM. Later, a second workshop was run to understand the impact factor analysis affecting the operation of the asset life cycle by using asset information modeling and blockchain technology over a multiquantitative method.

Findings

Results found that factors affecting the operation of assets could be the improvement of trust and stakeholder’s influences; the availability of handover process products’ accurate data; manufacturers providing detailed product models; increasing the speed of preparing holistic and integrated AM systems; improving collaboration between stakeholders; and returning clients’ investments faster.

Originality/value

Understanding the factors affecting AM life cycle based on the utilization of AIMs and blockchain then allows investors and their team members to work in a secure and collaborative environment that helps them to pre-identify certain risks and improve decision-making in a more effective way, as is required by ISO55000.

Details

Construction Innovation, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1471-4175

Keywords

Article
Publication date: 20 March 2023

Hua Song, Siqi Han and Kangkang Yu

This study examines the cognitive factors of adopting blockchain technology in various supply chain scenarios and its role in reframing the distinctive values of supply chain…

Abstract

Purpose

This study examines the cognitive factors of adopting blockchain technology in various supply chain scenarios and its role in reframing the distinctive values of supply chain financing. Based on expectancy theory, this study explores the different profiles underlying the components of expectancy, valence and instrumentality.

Design/methodology/approach

This is a multiple-case study of four Fintech companies using blockchain technology to promote the performance of supply chain operations and financing.

Findings

The results show that blockchain-enabled supply chain finance (BSCF) can be classified into four scenarios based on the scope and purpose of blockchain technology applications. The success of BSCF depends on the profiles of BSCF expectancy (the recognized purpose and scope of BSCF), instrumentality (identified blockchain attributes and other technology combinations) and valence (the perceived distinctive value of BSCF). Blockchain attributes help solve information asymmetry problems and enhance financing performance in two ways: one is supporting transparency, traceability and verification of transmissions and the other entails facilitating a transformation to new business models.

Originality/value

This research applies a new perspective based on expectancy theory to study how cognitive factors affect Fintech companies' blockchain solutions under a given supply chain operation or financing activity. It explains the behavioral antecedents for applying blockchain technology, the situations appropriate for the different roles of blockchain technology and the profiles for realizing the value of blockchain technology.

Details

International Journal of Operations & Production Management, vol. 43 no. 12
Type: Research Article
ISSN: 0144-3577

Keywords

Article
Publication date: 1 August 2022

Rustanto Nanang, Connie Susilawati and Martin Skitmore

Governments in developing countries manage their considerable state assets for public service delivery directly. In Indonesia, the Directorate of State Asset Management…

Abstract

Purpose

Governments in developing countries manage their considerable state assets for public service delivery directly. In Indonesia, the Directorate of State Asset Management responsible for developing the national strategy for state asset optimization requires the determination of key elements and prioritization tools. The purpose of this paper is to show that a simple calculation using the combination of the balanced scorecard (BCS) and analytical hierarchy process (AHP) will help in the prioritization of strategy development.

Design/methodology/approach

A questionnaire survey of 131 multistakeholder respondents to identify the most important key elements and the best alternative for asset optimization was done in this study.

Findings

The respondents agree on the most important key elements, and that the best alternative for asset optimization is the efficient maintenance of assets. Competitive human resources comprise the recommended second key element, and that improvements in asset performance and value will improve public service as the second-highest alternative. This study also shows the importance of the integration of asset optimization in existing government strategic instruments supported by a comprehensive data set related to public assets and their performance.

Originality/value

This paper provides a new contribution to integrating asset optimization strategies as the core of the organization’s performance and prioritization strategies. Additional BSC perspectives are suggested, with the inclusion of AHP for prioritization. In addition, this study includes the opinions of all the stakeholders, from external users to the central management. The flexibility of the tools to adapt to the existing strategic framework will allow their application by different agencies and in different countries.

Details

Construction Innovation , vol. 23 no. 5
Type: Research Article
ISSN: 1471-4175

Keywords

Article
Publication date: 14 August 2023

Hans Voordijk, Faridaddin Vahdatikhaki and Lars Hesselink

With the emergence of digital twins, the construction industry is looking toward improving the inspection and maintenance of all kinds of assets, such as bridges, roads and…

Abstract

Purpose

With the emergence of digital twins, the construction industry is looking toward improving the inspection and maintenance of all kinds of assets, such as bridges, roads and utilities. The purpose of this paper is to provide insights into how the development of an interactive digital twin creates a variety of interactions between users of this technology and assets to be monitored.

Design/methodology/approach

The development of a digital twin inspection model, focusing on the specific case of a sewage pumping station, is chosen as the subject of a case study. Through the development of this model, this study explores the various user–technology interactions that can be designed in a digital twin context.

Findings

Users interact with digital twins by following virtual instructions in a certain way, which creates a “quasi-other” relationship. A digital twin based on virtual reality (VR) also make users feel as if they are within the created VR of an inspection site, thereby immersing them in the VR environment. The design of a VR-based digital twin, which is determined by decisions made during the development process, shapes the context in which users interact with the technology and assets.

Originality/value

This study shows that a digital twin in construction practice may play different “actant” roles having different types of influences. Analyzing these actant roles and influences in terms of force and visibility adds a new perspective on the interaction between users and digital twins in construction and asset monitoring practice.

Details

Journal of Engineering, Design and Technology , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1726-0531

Keywords

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