The value of the data economy is indisputable. According to the EC, it is estimated to reach 829 billion euros by 2025. In the context of a data-driven economy, data sharing will continue to bring about major changes in an organisation's decision-making processes considering the risks involved to individuals and organisations, such as confidentiality and privacy breaches and the violation of other commercial interests.
With the ambition to establish a 'Schengen of industrial data', the Data Governance Act will boost the data-driven economy in the UE in the years to come and will help unlock the potential of vast amounts of data generated by organisations. This is crucial for developing global competitiveness in the data-powered innovations area and will help us address a range of societal challenges and drive economic growth, which is paramount for post-COVID recovery.
Efficient data management is a central component of successful data initiatives. By prioritising data sharing and management as business necessities, reframing organisation's approach to sharing data both internally and externally, and investing in tools that enable secure and efficient data sharing, organisations will be better positioned to drive revenue and reach business goals and ensure compliance with the GDPR and other privacy and data protection regulation.
Challenges:
- Without a solid and efficient data management strategy and framework, it's easy to lose sight of how data is used and shared. Organisations will have to ensure compliance with the ever-stricter requirements of the law. For this reason, organisations should rely more than ever on their specialised legal and technical advisors.
Actions:
- Assess data sharing operations and adopt technical, legal and operational safeguards to ensure that the data collected and created is being used appropriately and govern data sharing between the parties, as well as their responsibilities and ownership regarding the data (ex. through data sharing agreements).
