While 2020 was a year of unexpected changes on nearly every level, further transformation is also on the horizon for 2021, particularly when it comes to data. In February of this year, the European Commission launched a major regulatory initiative to create a single data market for all EU data. This was followed up in June with the kick off of France and Germany’s efforts to create European federated data infrastructure with EU privacy laws in mind through the GAIA-X project. This project aims to build a federated data space.
As the effort to facilitate common data hubs in the EU continues at the national and international levels, individual organizations will be well served to kick start their own data exchange strategy with the effort firmly rooted in furthering their own strategic business objectives and use cases. Knowing where to start however is often the most difficult step.
To deliver its maximum value, data requires an environment where it can be sourced, distributed, exchanged or orchestrated across your organization and within an extended ecosystem. To fully engage with your own internally produced data and the ones from your partners, customers, suppliers, subsidiaries, or other organizations, you need a Data Exchange Platform.
But all data exchange technology platforms are not created equal. As you embark upon your own data exchange strategy, consider these essentials before selecting any new technology:
1. Organize your data into numerous data products for distribution
2. Streamline your data sourcing
3. Orchestrate your data ecosystems
4. Support both internal and external data exchanges
5. Build a secure environment and trust amongst all participants
6. Support flexible business models that evolve with your strategy
7. Ensure contractual and regulatory compliance
8. Simplify multiple types of data flows
9. Secure and trace every data exchange
10. Govern data exchange activities at scale
Review in more details each of these essentials in downloading our fact sheet, Top 10 Essentials of a Data Exchange Platform.
Whether to improve company processes, enhance customer experiences or develop new products, services and revenue streams, a Data Exchange Platform is a critical component of a successful data strategy, fostering innovation and accelerating the entry of organizations into the data economy.
To further understand how one industry gained significant value from a comprehensive Data Exchange Platform can bring, download our case study, Agdatahub, a groundbreaking agricultural Data Exchange.