Could Your Business Benefit from Data Sharing?

Data has always been with us, but never in this volume, speed and from so many different places. Thanks to the Internet of Things (IoT) and huge advances in communication capabilities, we now have vast amounts of information being generated by multiple sources, all connected by newer, faster, more capable networks.

Most of this data needs to be kept private and secure, but there is a massive pool of data – both historic, recent and milliseconds old – that could be of real benefit to other individuals, companies and industries, if only it was more readily available and in an instantly useable format.

Increasing access to data can help improve many operational facets of the supply chain, including speed, accuracy and flexibility; it can drive innovation to a whole new level. We have seen countless examples of data being leveraged across connected enterprises, revolutionising the way companies do business. But people are recognising the additional worth of this data if it is shared to an even wider audience. As a result, manufacturers are looking to share data to improve production performance, and to work together with other companies to solve common challenges.

The important role that digital solutions and networks play has been bought into sharp relief over the last 18 months, with digital transformation initiatives all accelerating as companies increase their resilience and adapt to the ‘new normal’. While some companies may choose to go it alone, we expect to see a trend of companies coming together to share data to speed up economic recovery. And so, through our joint efforts of greater data sharing in Europe, we will create a more robust digitally enhanced EU, leveraging its market power and turning it into a competitive edge to emerge from the COVID-19 crisis stronger.

These transformations and the EU recovery fund are pieces in a much larger puzzle, as success will also depend on the wider infrastructure, such as broadband networks, cloud solutions, and blockchain, which, in turn, emphasises the need for robust cybersecurity.

There are many facets to this data-socialism concept, but none of them present issues that are insurmountable. Indeed, much of the foundation work is already in place, with earlier implementations driven by previous external factors and market forces.

To a large extent it is now all about encouraging people to show others their hand and support the concept of a team victory. Go it alone and you may win, but work as a team and you will win bigger. From sharing sweets as a kid, to sharing life-transforming data as a company, the feel-good factor never changes; and these days your data could make a real difference.