Data is a unique economic asset and information resource with special economic characteristics. Acrossvarious industries, firms are nowadays collecting and using data to optimize their processes, createnew value propositions for their customers, or sell and exchange their data with external partners. Thiswhitepaper outlines how firms can measure the value of their data and data-related activities. Three main approaches exist to measure the business value of data. First, the data value can bedetermined by measuring its market prices, costs, and future income prospects (market-basedapproach). Second, the data’s estimated utility in economic and public benefits may be used to quantifyits value (economic approach). Third, various data- and context-related parameters may be used toestimate the value of data in a specific setting (dimensional approach). We further find that data that is explicitly used for research purposes differs in these valuationapproaches. Here, the value of data is often determined by its academic impact, reuse, and contributionto scientific breakthroughs. The FAIR principles also provide a framework for enhancing the utility andvalue of research data in this setting, guiding the assessment based on findability, accessibility,interoperability, and reusability of the data. Nevertheless, the lack of a common conceptual framework and the difficulty of predicting data's futureapplications and relevance make the value measurement of data still challenging in practice.