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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.

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.

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.

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.

Inter-organisational governance is an important enabler for information processing, particularly in relationships undergoing digital transformation (DT) where partners depend on each other for information in decision-making. Based on information processing theory (IPT), the authors theoretically and empirically investigate how governance mechanisms address information asymmetry (uncertainty and equivocality) arising in capturing, sharing and interpreting information generated by digital technologies.

IPT is applied to four cases of public–private relationships in the Dutch infrastructure sector that aim to enhance the quantity and quality of information-based decision-making by implementing digital technologies. The investigated relationships are characterised by differing degrees and types of information uncertainty and equivocality. The authors build on rich data sets including archival data, observations, contract documents and interviews.

Addressing information uncertainty requires invoking contractual control and coordination. Contract clauses should be precise and incentive schemes functional in terms of information requirements. Information equivocality is best addressed by using relational governance. Identifying information requirements and reducing information uncertainty are a prerequisite for the transformation activities that organisations perform to reduce information equivocality.

The study offers insights into the roles of both governance mechanisms in managing information asymmetry in public–private relationships. The study uncovers key activities for gathering, sharing and transforming information when using digital technologies.

This study draws on IPT to study public–private relationships undergoing DT. The study links contractual control and coordination as well as relational governance mechanisms to information-processing activities that organisations deploy to reduce information uncertainty and equivocality.

Managers are increasingly looking to adopt the Internet of Things (IoT) to include the vast amount of big data generated in their decision-making processes. The use of IoT might yield many benefits for organizations engaged in civil infrastructure management, but these benefits might be difficult to realize as organizations are not equipped to handle and interpret this data. The purpose of this paper is to understand how IoT adoption affects decision-making processes.

In this paper the changes in the business processes for managing civil infrastructure assets brought about by IoT adoption are analyzed by investigating two case studies within the water management domain. Propositions for effective IoT adoption in decision-making processes are derived.

The results show that decision processes in civil infrastructure asset management have been transformed to deal with the real-time nature of the data. The authors found the need to make organizational and business process changes, development of new capabilities, data provenance and governance and the need for standardization. IoT can have a transformative effect on business processes.

Because of the chosen research approach, the research results may lack generalizability. Therefore, researchers are encouraged to test the propositions further.

The paper shows that data provenance is necessary to be able to understand the value and the quality of the data often generated by various organizations. Managers need to adapt new capabilities to be able to interpret the data.

This paper fulfills an identified need to understand how IoT adoption affects decision-making processes in asset management in order to be able to achieve expected benefits and mitigate risk.

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).

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

The purpose of this work is to investigate industrial asset management (AM) in manufacturing. After depicting gaps for AM in this sector, the role of information as a key dimension is considered to realise a summary of challenges and advices for future development.

The work is grounded on an extensive systematic literature review. Considering the eligible documents, descriptive statistics are provided and a content analysis is performed, both based on a sector-independent normative-based framework of analysis.

AM principles, organisation and information are the dimensions defined to group ten areas of interest for AM in manufacturing. Information is the major concern for an effective AM implementation. Moreover, Internet of Things and big data management and analytics, as well as data modelling and ontology engineering, are the major technologies envisioned to advance the implementation of AM in manufacturing.

The identified challenges and advices for future development may serve to stimulate further research on AM in manufacturing, with special focus on information and data management. The sector-independent normative-based framework may also enable to analyse AM in different contexts of application, thus favouring cross-sectorial comparisons.

Industries with higher operational risk, like Oil&Gas and infrastructure, are advanced in AM, while others, like some in manufacturing, are laggard in this respect. This literature review is the first of a kind addressing AM in manufacturing and depicts the state-of-the-art to pave the way for future research and development.

Quantitative and spatial-explicit flood risk information is of great importance for strengthening climate change adaptation and flood resilience. Shanghai is a coastal megacity at large estuary delta with rising flood risks. This study aims to quantify the overall economic-societal risks of storm flooding and their spatial patterns in Shanghai.

Based on multiple storm flood scenarios at different return periods, as well as fine-scale data sets including gridded GDP, gridded population and vector land-use, a probabilistic risk model incorporating geographic information system is used to assess the economic-societal risks of flooding and their spatial distributions.

Our results show that, from 1/200 to 1/5,000-year floods, the exposed assets will increase from USD 85.4bn to USD 657.6bn, and the direct economic losses will increase from USD 3.06bn to USD 52bn. The expected annual damage (EAD) of assets is around USD 84.36m. Hotpots of EAD are mainly distributed in the city center, the depressions along the upper Huangpu River in the southwest, the north coast of Hangzhou Bay, and the confluence of the Huangpu River and Yangtze River in the northeast. From 1/200 to 1/5,000-year floods, the exposed population will rise from 280 thousand to 2,420 thousand, and the estimated casualties will rise from 299 to 1,045. The expected annual casualties (EAC) are around 2.28. Hotspots of casualties are generally consistent with those of EAD.

In contrast to previous studies that focus on a single flood scenario or a particular type of flood exposure/risk in Shanghai, the findings contribute to an understanding of overall flood risks and their spatial patterns, which have significant implications for cost-benefit analysis of flood resilience strategies.

The purpose of this research is to develop a framework of an ontology-based Asset Information Model (AIM) for a Digital Twin (DT) platform and enhance predictive maintenance practices in building facilities that could enable proactive and data-driven decision-making during the Operation and Maintenance (O&M) process.

A scoping literature review was accomplished to establish the theoretical foundation for the current investigation. A study on developing an ontology-based AIM for predictive maintenance in building facilities was conducted. Semi-structured interviews were conducted with industry professionals to gather qualitative data for ontology-based AIM framework validation and insights.

The research findings indicate that while the development of ontology faced challenges in defining missing entities and relations in the context of predictive maintenance, insights gained from the interviews enabled the establishment of a comprehensive framework for ontology-based AIM adoption in the Facility Management (FM) sector.

The proposed ontology-based AIM has the potential to enable proactive and data-driven decision-making during the process, optimizing predictive maintenance practices and ultimately enhancing energy efficiency and sustainability in the building industry.

The research contributes to a practical guide for ontology development processes and presents a framework of an Ontology-based AIM for a Digital Twin platform.

The blockchain-based digital twin has been recognized as a prominent technological ecosystem featuring synergies with both established and emergent information management practice. The purpose of this research is to explore the applicability, interoperability and integrability of a blockchain-based digital twin for asset life cycle management and develop a model of framework which positions the digital twin within a broader context of current management practice and technological availability.

A systematic literature review was performed to map use cases of digital twin, IoT, blockchain and smart contract technologies. Surveys of industry professionals and analyses were conducted focussing on the mapped use cases' life cycle–centric applicability, interoperability and integrability with current asset life cycle management practice, exploring decision support capabilities and industry insights. Lastly, a model of framework was developed based on the use case, interoperability and integrability findings.

The results support approaching digitization initiatives with blockchain-based digital twins and the positioning of the concept as both a strategic tool and a multifunctional on-field support application. Integrability enablers include progression towards BIM level 3, decentralized program hubs, modular cross-technological platform interfaces, as well as mergeable and scalable blockchains.

Knowledge of use cases help highlight the functionality of an integrated technological ecosystem and its connection to comprehensive sets of asset life cycle management aspects. Exploring integrability enablers contribute to the development of management practice and solution development as user expectations and technological prerequisites are interlinked.

The research explores asset life cycle management use cases, interoperability and integrability enablers of blockchain-based digital twins and positions the technological ecosystem within current practice and technological availability.