Goods and services have always been the primary drivers of company and nation wealth but today, that’s changing with the impulse from a critical asset. There’s now a major, fast-emerging third pillar that drives the valuation of economies and the emergence of new models, be they economic or social – data.
The Power of Data
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.
It’s time for all of us to embrace the economic, political and social power of data exchange.
Shaping the Future of Data Exchange
To facilitate the circulation of data among global stakeholders, there are three critical fundamental levers:
- The infrastructure that enables the exchange of data
- Legal and practical guidelines regulating data exchange
- Standards and operating principles shaping the exchange of data
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:
- Advancing the creation of neutral, transparent and fair standards that support data exchange initiatives across industries, geographies and emerging technologies such as AI, IoT, 5G, etc.
- Developing best practices that facilitate the data circulation required to bolster the data economy
- Designing business, legal, and technical frameworks to establish a mature approach to data exchange and support innovation
- Engaging with other local associations and international bodies to advance the practice of data exchange
- Creating a training and certification program to allow organizations to assess their maturity and compliance to the common standards and best practices of data exchange