How can data-sharing create value in the data economy? A recent article by the Boston Consulting Group (BCG) lays out the priorities for management teams who are developing data-sharing solutions and presents the technological solutions available to make this feasible.
Generally, technology solutions have one of three goals being risk mitigation, enhancing value, friction reduction, or some combination.
- Mitigating risks. Businesses might be reluctant to share data because of potential financial, competitive, and brand risks associated with doing so. To tackle this, more and more platforms are incorporating solutions to control use, limit data access, encrypt data, and create substitute or synthetic data.
- Enhancing the value of data. Depending on the characteristics of the data and their use, data can have very different values. Some platforms are creating tools to help assess data’s value.
- Reducing friction. Data is often hidden within an organisation, so finding it is difficult. This can be solved in part through designing a search for potentially valuable data which can be transferred and transformed into usable forms.
Curious to learn which technological solutions exist for these goals? Read the full article.