This year has seen more discussion and debate about data in a long time. We’ve gone through the year’s data wraps and have compiled a list of the most intriguing, thought-provoking and useful data sharing articles for you to enjoy.
Four ways to speed up creating data ecosystems
We all want to ensure our organizations have a robust data culture, and rich systems that allow us to use data easy…but how do we actually do that? And why do so many things get in the way? This great guide from McKinsey breaks it down to four points: build a long-term vision, simplify the legal process, don’t try to reinvent technology, and build a model that scales.
THE TAKEAWAY:
“In our experience, companies that are able to build ecosystems quickly start small and scale, focusing initially on just a few partners and a limited number of data sets to reduce complexity.”
Data isn’t the new oil – it’s the new gold
The “data is the new oil” understanding has evolved to a new type of thought. In this World Economic Forum article, a new paradigm is suggested: that data is gold. More to the point, WEF suggests that data needs to be used for top-line revenue making decisions instead of just post-hoc justification for decisions already made.
THE TAKEAWAY:
“The result of these new opportunities and incentives is a paradigm shift; companies can use data responsibly while developing sustainable new services and revenue streams.”
Gartner’s top 10 data trends for 2020
Who doesn’t love a good trends article? Gartner breaks down the year’s 10 most important shifts including the rise of AI, the decline of the dashboard, and the necessity of the cloud for functioning services. Our favorite? Clearly, the rise of data marketplaces and exchanges.
THE TAKEAWAY:
“By 2022, 35% of large organizations will be either sellers or buyers of data via formal online data marketplaces, up from 25% in 2020.”
How to ensure trusted data free flows
One of the silver linings of the year has been the fact organizations and governments have found new ways to share data, especially in the scientific community to fight COVID19. But there are concerns about how data is managed once it leaves a particular jurisdiction. The WEF published a paper this year to explore how that trust can be bolstered: there are a lot of challenges here, but also immense opportunities.
THE TAKEAWAY:
“Although many regulations are based on protecting certain data subjects – personal data that describes subjects, i.e. users – some regulations restrict data use in sectors that are deemed as sensitive regardless of whether that information is personal or non‑personal.”
Data-sharing in the time of Coronavirus
The fact we have a vaccine and it’s being administered to people around the world already just shows how much great data sharing can accomplish. Yet this Oliver Wyman Forum report delves deeper into what it took to share data this year to help curb infection, and what people are actually willing to share. Turns out, different countries have different opinions on how they want to use data sharing for public health.
THE TAKEAWAY:
“As for broader data on health status, such as information from doctor visits, a majority of respondents in all countries would be comfortable sharing that for the purpose of public health monitoring. But other forms of data sharing received much less support.”
Everything you need to know about Australia’s data consumer right
Australia is among some of the jurisdictions taking data rights seriously, and this year has seen some massive strides. The introduction of the country’s Consumer Data Right has major implications for every type of business operating there – and this article breaks down everything you need to know. Considering this will serve as a model for other nations, this is a great time to get comfortable.
THE TAKEAWAY:
“There are significant penalties of up to AU$10 million for any participant that breaches the Consumer Data Right Rules, in accordance with the Consumer Data Right’s Compliance & Enforcement Policy.”
…and Australia’s data sharing rules changed too
Speaking of down under, Australia also introduced new rules to make it easier for data to flow between the government and public agencies. The bill only entered Parliament this month, but it’s been a long time coming – and it’s setting up that 2021 is going to be another huge year for data rights in Australia.
THE TAKEAWAY:
“The bill…will create a scheme allowing agencies to more freely share data with accredited entities across all levels of government, as well as industry, research and other private sector organizations.”
Singapore removes some user control over data sharing laws
If Australia is leading the charge in consumer data protection, then Singapore isn’t far beyond. Yet this year the Government introduced new rules that would allow businesses to use consumer data for business improvement, even if the user doesn’t consent. Of course, the data will be protected – but it just shows how governmental frameworks for data sharing aren’t all focused on preventing data use wherever possible.
THE TAKEAWAY:
“In addition, further amendments defined under “deemed consent” to PDPA will now permit organizations to share data with external contractors for the purpose of fulfilling customer contracts. This caters to “modern commercial arrangements” and essential purposes including security, he said.”
That is our final wrap for 2020! 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!