To compete and thrive globally, organizations increasingly need to rely on sharing, exchanging and processing huge volumes of data. While data vastly improves products, services and customer satisfaction, its exchange also creates additional direct and indirect sources of value for the companies who control it. This is the rising data economy.
Recognizing the wealth of opportunity data insights can deliver to business and society, governments around the world are tackling data governance matters. Already, various local initiatives have formed among private organizations, universities and government bodies to encourage collaboration on the future of data trading and data exchange. Conversations about the increasing flow of data are taking place and standards are being proposed to support the emerging data economy.
To facilitate the circulation of data among global stakeholders, there are three critical fundamental levers:
Data Exchange Association brings together public and private organizations to build these levers and accelerate cross-sector, cross-border data exchanges while developing decisive standards.
To achieve these objectives, DXA tackles these crucial initiatives:
In today’s data-driven economy, organizations must rely on massive amounts of data to improve their processes, deliver better customer experiences and develop new products and services. For maximum results, internal data sources must be combined with multiple external datasets. But publicly available, open data sources and specialized data broker offerings are no longer enough. Companies are increasingly interested in private data that comes directly from other companies and organizations that, when aggregated will enhance their own insights. As a result, both parties have the potential to share, exchange and monetize their data, empower their products and services and create all-new revenue streams.
Together, these companies supplying and leveraging data are contributing to the rise of a global data economy. Data produced globally is expected to reach a staggering 180 zettabytes by 20251. Likewise, the worldwide Data Monetization market is forecasted to reach $708 Bn by 2025.
1 Double-Digit Growth Forecast for the Worldwide Big Data and business Analytics Market Through 2020 Led by Banking and Manufacturing Investments, IDC, October 2016
Companies are ready to spend energy and millions to get the right data, at the right time, to increase their productivity and make more informed decisions. But to secure the data they seek, companies need central points where they can acquire and exchange data in a streamlined fashion, while lowering risks and costs in a secure environment that enforces compliance. According to 451 Research Digital Realty IT Survey 2019, 38% of companies are now focusing their efforts on optimizing data exchange.
The data exchange market is accelerating the growth of the global data economy. The World Economic Forum in collaboration with BCG estimates the potential value of data sharing, simply by focusing on manufacturing process optimization at over $100 billion, based on best practices1. Data-driven businesses are going beyond just being data-aware to focusing their data ambitions on rolling up effective insights with compelling action. As such, they are predicted to take $1.8 trillion annually from their less-informed peers1. What’s more, Forrester reports these businesses are growing at an average of more than 30% annually.
1 World Economic Forum with BCG, 2020, "Share to Gain : Unlocking Data Value in Manufacturing "
DXA mission is to boost the economy by bringing together fervent parties involved in
Data Exchange innovations, standards and principles.