How to Monetise Data through Data Collaboration

Data collaboration between companies using data ecosystems is poised to be a significant trend in 2024, driven by technological advancements, privacy-preserving technologies, and enhanced data collaboration platforms. I believe this trend will bring numerous benefits for companies and customers, ultimately driving innovation in various sectors.

Data collaboration frameworks can help advance financial inclusion

Privacy-Preserving Technologies

In 2024, a delicate balance between security and analytics will be essential. With about 80% of organisations prioritising security and data governance, a company’s data quality will determine its pace in adapting to data architecture trends. Emphasis on data governance tools will be crucial for maintaining privacy while modernising data architecture.

Patient care is being revolutionised through compliant, secure data collaboration

Enhanced Data Collaboration Platforms

Data sharing and collaboration will focus on integrating data from various parties, creating complex ecosystems. Major technology providers, including cloud services, offer solutions to manage distributed data and analytics platforms in a data mesh fashion, facilitating centralised data views across different platforms and technologies.

Data collaboration leads to more holistic and patient-centric care

Benefits for Companies

1. Data Quality and Governance: Companies are investing in data discovery tools and data catalogues to improve visibility into their data, including its sources, ownership, structure, and quality. This shift in data governance involves making data visible, discoverable, reusable, and useful.

2. Real-Time Data Insights: A rising market of IoT devices and social media feeds is pushing companies to gain efficient insights from real-time analytics. Managing and scaling data integrations and upgrading pipelines for sufficient data processing will be vital.

3. AI and Machine Learning: With AI and ML becoming central to processing data in real time, organisations are likely to allocate significant portions of their IT spending to these technologies, aiming to modernise data architecture and improve data quality.

4. Data Monetisation: Data Sharing Platforms and Marketplaces facilitate secure data exchange between businesses, enabling companies to monetise their data assets in a controlled environment.

Integrating third-party data into an organisation’s data ecosystem will open new opportunities for innovation and is expected to be a lucrative trend, reaching significant market value by 2028.

Data collaboration can have many benefits across sectors

Summary

Data collaboration between companies using data ecosystems in 2024 promises to revolutionise how data is shared, managed, and utilised, leading to substantial advancements in various industries.

I’m passionate about data collaboration's potential to uplift individuals and SMEs by providing them inclusive access to financial services, healthcare and more.