Data has massive potential to create both social and business value. Yet, most companies are yet to establish how to best share, analyse or extract value from their own data. A new study by Accenture Research reveals the common barriers to data-based value creation, and identifies how organizations can accelerate ecosystem engagements to realize the full potential of collective data. If data is the fuel of the new economy, then data spaces are its catalyst. With the right business models, infrastructure and governance, data value – and business - can thrive.
COMMON KNOWLEDGE: VALUE OF DATA INCREASES WHEN SHARED
We know data has immense value – and that combining and analysing data leads to richer insights and better outcomes. But with the exception of large platform companies, it is difficult for many organizations to derive substantial value from data. In fact, sharing data among multiple stakeholders can open a pandora’s box of concerns. In a recent open public consultation on the European strategy for data, more than two-thirds (69%) of stakeholders cited technical challenges such as formats
