This month in data – November 2020

Each month we compile the best stories in data. Get up to speed on this week in data without having to search for it.

Four key ways to accelerate data ecosystems

One of the silver linings of the COVID19 crisis is that it’s forced so many organizations, both public and private, to accelerate their data investment. McKinsey has a look at four ways organizations can make that ecosystem creation even faster: create a vision and start small, simplify the legal process, don’t reinvent technology, and build a model that scales.

THE TAKEAWAY:

“Data ecosystems provide a powerful way for organizations to team up and solve important societal problems and deliver more value to participants and consumers. With a value-driven and iterative approach, data ecosystems can be formed quickly, delivering benefits within months and offering opportunities for expansion and more value over the long term.”

Europe imposes new rules on data governance

One of the biggest stories in 2020 is how more governments have realized data governance is…you know, something they should actually focus on. The EU has always been careful to make sure data is governed well, but this month marked a new chapter with the release of a new data governance framework for EU member states. This is actually the first part of a series of moves on behalf of the EU, so watch this space.

THE TAKEAWAY:

“You don’t have to share all data. But if you do and data is sensitive you should be able to do in a manner where data can be trusted and protected. We want to give businesses and citizens the tools to stay in control of data. And to build trust that data is handled in line with European values and fundamental rights.”

Brexit will cost £1.6bn without data protections

That’s…a huge chunk of change. The failure to create new data deals has been one of the sore points of Brexit among many. The cost here comes from the sheer amount of compliance activity that companies will need to undergo to make sure they’re Brexit-ready. As IT Pro points out, one of the biggest issues here isn’t necessarily the costs – it’s the lack of certainty.

THE TAKEAWAY:

“The modelling has broken down the projected costs businesses of particular sizes could face, ranging from £3,000 for a micro business to £162,790 for a large business. Small businesses face roughly £10,000 in additional compliance costs, with the figure rising to £19,555 for a medium-sized firm.”

What is data sharing 2.0?

Sounds like web 2.0, remember that? MIT has a look at what “data sharing 2.0” could mean, and it’s mostly focused on sharing data outside of your organization, rather than just inside it. We all know the sheer amount of economic value we can gain from tools like these, but MIT marks it real: they recommend focusing on a data platform, secure data movement, and “data at rest” sharing techniques.

Important to remember here that “more governance” isn’t good – smart governance is what matters and brings value.

THE TAKEAWAY:

According to the researchers’ interviews with executives, many companies rely on security and legal teams to create specialized processes and procedures. These could be generalized through use of repeatable controls, allowing companies to move from time-consuming, bespoke data governance measures to standard operating procedures for oversight. Teams should aim to capture lessons learned, exceptions, and repeatable steps to build a playbook for future data-sharing arrangements.

Banks take a lesson from the big tech giants

Well, we’ve known for a while that many industries have been taking notes from tech giants like Google and Facebook, but as The Australian points out, it’s reached a new level. Banks are now able to use their data prowess to see how people are spending at the postcode level. Pretty cool stuff – and the building blocks of a more robust data economy.  

THE TAKEAWAY:

“Danny Gilligan, co-founder of the Data Republic platform for secure data collaboration between companies, is a strong supporter of the balanced approach and open data policy adopted by Australia… “And the fascinating thing is that the data with the Australian banks, telcos and insurers is collectively far more useful”.”

Data Republic presents at Data Con LA

Recently Data Republic gun Spencer Ward presented at Data Con LA, and we think the presentation is worth watching if you’re interested in data sharing and governance. This session The Data Governance Effect: An exploration into the foundations and future of data collaboration explores the common obstacles and pitfalls of data collaboration while offering practical advice for setting your organization up for success. Watch the recorded session here.

THE TAKEAWAY:

“Organizations have acquired more data than they know what to do with…organizations have taken to purging much of their data streams due to its rapid accumulation and them not knowing what to do with it….more data does not immediately equate to better data.”

In case you missed it… Data Republic has launched the Data Sandbox!

Last week Data Republic officially launched the Data Sandbox. The launch of this new solution signifies Data Republic’s transition away from a data marketplace to networked enterprise software. The Data Sandbox is a secure and collaborative environment that enables enterprise organizations to connect their data to the world’s best people, apps, algorithms, without compromising data security or privacy. Read the press release about the launch or hear from Data Republic CEO and cofounder Danny Gilligan on the transition. 

THE TAKEAWAY:

“According to the cofounder, the core job remains the same for Data Republic: providing the governance tools that allow enterprises and governments to innovate with data in a scalable, repeatable way while enhancing privacy, security and risk management.”

That’s our wrap for this month. Thanks for reading – we hope you found it entertaining and informational. We’d love to hear your thoughts on these articles and anything else data related! Email us anytime at enquiries@datarepublic.com!