Data Sharing: A Central Tool For Economic Benefit
D&A leaders must develop trust-based processes and develop a data sharing environment, even though changing the existing quo is difficult.
FREMONT, CA: To speed digital business transformation, managing data and generating insights is insufficient. These efforts must produce measurable business results. According to one survey, participants that successfully expanded data sharing led Data and Analytics (D&A) teams that were 1.7 times more effective at demonstrating demonstrable, verifiable value to D&A stakeholders.
Data Sharing Enhances Business Outcomes
According to research, firms that encourage data sharing will beat their competitors on most business value indicators by 2023. Nonetheless, the study also estimates that less than 5 percent of data sharing applications would correctly identify trusted data and locate trusted data sources by 2022. Many organizations restrict data access, maintain data silos, and discourage data exchange. At a time when COVID-19 is pushing demand for D&A to record levels, this undercuts attempts to maximize economic and social value from D&A.
The old mindset of "do not share data unless" should be replaced by "must share data unless." D&A executives will have access to the right data at the right time due to recasting data sharing as a business imperative, enabling more robust data and analytics strategies that generate business advantage and achieve digital transformation. D&A leaders must develop trust-based processes and develop a data sharing environment, even though changing the existing quo is difficult.
Create Trust-Based Mechanisms
One will not be able to derive economic value from the data they collect unless they build trust in the process. According to a study, organizations that can build digital trust will engage in 50 percent more ecosystems by 2023, increasing revenue-generation opportunities by 50 percent. Create trust-based processes that generate high levels of trust in the data source and the data's trustworthiness separately. This enables businesses to connect appropriate data use with the company goals, both internally and externally. To fit the business environment and requirements, one must trust the quality of the data they collect, use, and communicate. Separately, businesses must have faith in their data sources to rely on (and pass on to others) proper, and enforceable data use, reuse, share, and reshare rights.
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