This week in data – May 11

The 2018 Federal Budget data-sharing bonanza

It’s the biggest data news of 2018.

The Government through this year’s Federal Budget announcement has committed to funding the new Consumer Data Right, a Data Commissioner, the Open Banking Regime and – the big one for the Gov – a new cross-government data sharing framework.

In a big win for fintechs and consumer competition, the Government has committed to a launch date of July 2019 for the first phase of the Open Banking regime which will include data on credit and debit card, deposit and transaction accounts.

Questions still remain from the major banks however on the costs of compliance and data security regime required to protect against fraud in the proposed open system. It will be interesting to see how these timelines ‘shake out’.

Needless to say – we’re pretty chuffed at the government’s commitment to data and the role it will play in Australia’s future. All of these initiatives will complement each other and hopefully, inform a world-class data strategy.

THE TAKEAWAY:

“The Consumer Data Right has been given AU$44.6 million in funding over four years with the Right commencing across the telecommunications, banking, and energy sectors before being applied to the entire economy “eventually”.

“Data-driven competition and innovation will grow the economy, creating high-value jobs,” the government said. “Improvements are also being made to how the government handles and uses the data it collects to deliver better services and outcomes for Australians, whilst protecting information security.”

Australia’s data strategy is now top of the class

We’ve been lagging behind some countries when it comes to the way we handle our data, but Tom Burton at The Mandarin says the new consumer data right, and a data commissioner, pushes us forward – a lot. Next stop? Finding the smarts to keep us there.

THE TAKEAWAY:

“The whole, top-down, Westminster approach could not be further from the citizen-at-the-centre model, digital government is built around.”

What happens to the data you DON’T share?

It’s totally understandable to freak out when the data you share gets hacked, or shared without your permission. But what about all that other stuff you don’t share – that gets shared anyway? This TechCrunch piece takes a look at transitive sharing: both the good and the bad.

THE TAKEAWAY:

“If your hospital cannot share data with your primary care doctor at the right time, or your clinical trial data cannot be accessed to monitor downstream effects, we cannot take care of our citizens’ health as we should.”

Your outdated data practices are costing you

…quite a bit, actually. This eWeek piece – more of a wake-up call, really – delves into some research: poor data sharing and the inability for departments to work together cost companies an average of $US7500 per employee. Yikes.

THE TAKEAWAY:

“Seven out of 10 respondents said they waste at least half an hour every day trying to track down or share digital information.”

Using data isn’t enough. You’ve got to trust it.

We all acknowledge that data is important. But we’re so time-poor, the worth of our data comes when we actually learn to trust it. That’s Accenture’s take in ITBrief, saying the next step for organisations is to start making sure the data they use is actually dependable.

THE TAKEAWAY:

“A recent Accenture study found 97% of business decisions are made using data that its own managers consider being of unacceptable quality, resulting in business insights and decisions that are of questionable value at best or just “bad” at worst.
This doesn’t need to be the case, the risks of poor data veracity can be managed.” 

That’s our wrap for this week. 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!

Until next week,

Team Data Republic

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