15 December 2022
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Data sharing and easier access to data have become hot topics across all industries, but data sharing is more than just a buzz-term. It’s having a tremendous impact on businesses’ bottom lines, with Gartner research finding that data analytics leaders who share data externally generate three times more measurable economic benefits than those who don’t.
In this article, we’ll examine the trend of data sharing. We will look at how data management is evolving and how cross-industry sharing and open access are shaping the future of data analytics.
Data sharing agreement: how organisations manage consumer data
As data analytics evolves and new disruptive tech trends emerge, data sharing has become a more common practice amongst businesses. We anticipate that data governance will be a key player in ensuring that data sharing can continue to deliver sizable benefits to businesses.
Traditionally, many organisations have viewed the custody and protection of their customer’s data as a responsibility rather than an asset to be commercialised. Consumer data across the UK, EU, and other regions are subject to regulations such as the Data Protection Act and GDPR. Businesses must therefore conduct thorough risk management assessments when handling the personal information of their customers.
Complex legislation can dissuade many data and analytics leaders from sharing their consumer data. However, when done correctly and in a transparent manner, data sharing can be a safe practice.
Businesses that wish to share their consumer data can do so through a number of methods, such as enhanced “end-to-end” data encryption that protects your data whether it is in transit or at rest.
Shared data across industries
Data sharing across industries has the potential to fuel immense growth, create unique collaborations, and help organisations better understand and provide for their users.
For example, Meta’s data-sharing initiative, ‘Data for Good,’ shares maps, surveys, and visualizations with a number of organisations and international groups. Meta’s access to vast amounts of data allows them to help smaller companies and NGOs deliver applications, reports, and surveys that can be used to combat and highlight COVID-19 trends, climate change, and population density.
New data-sharing technologies are simplifying the mechanics of data sharing between organisations while maintaining the veil of privacy.
As a business, you can collaborate on research with a wider field of partners and academic institutions. When you share your research data with other researchers working on similar studies, especially at the early stage, you can quickly accelerate the development of that research without compromising your competitive advantage.
An example of collaboration through data sharing
Data sharing is already demonstrating its value in many industries. For example, European automakers made the best use of data sharing during the COVID-19 pandemic.
During the pandemic, many automakers faced a crisis as supply-chain problems led to delays and shortages of vital parts. And t in order to reduce supply-chain disruptions, automakers needed to share their data with stakeholders.
In response to this issue, some of the key manufacturers, suppliers, and tech companies in Europe explored a different way of working. Companies, like BMW and Siemens, worked together to develop a solution for everyone in the supply chain.
Twenty-eight businesses partnered together to create “Catena-X.” This new data exchange ecosystem allowed all the partners involved to share their data on their own terms, maintaining their privacy and security, and helping the industry to rebound after the pandemic by mitigating issues related to delays and parts shortages.
The Catena-X initiative allowed partners to mitigate many issues they faced in light of the pandemic, and has delivered enormous value to those involved. For example, one manufacturer discovered a quality issue that affected thousands of vehicles. Normally, this would mean a product recall and major financial losses for the company. However, with the help of Catena-X and collaboration with suppliers, the manufacturer was able to locate the issue quickly through shared data and reduce the number of vehicles that needed a recall by more than 80%.
As illustrated above, data sharing plays a crucial role in helping to solve problems faster and create a more harmonious working environment. When it comes to data analysis however, data sharing is equally as important. Data sharing allows companies of all sizes to compile better data analysis, and utilise available data from the wider market.
A modern analytics solution
Whether you’re a newcomer to a particular industry, or have been excelling in your sector for generations, it’s likely that data sharing will play a significant part in your business and the success of your data analytics endeavours.
If you’re ready to take your business to the next level, you’ll need a data analytics partner to help you achieve your goals.
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