Why we need to think differently about data in the future.
Recently, an outcry went through the companies and organizations participating in Gaia-X. It appears that certain funding projects will not be provided with funds after all, contrary to the original plan. Unfortunately, the headlines of quite respectable media referred to Gaia-X itself and not to the actually affected, selected funding projects. Thus, the confusion was great and left plenty of room for critics.
Initiatives such as Gaia-X in particular are necessary to maintain Europe's innovative capacity and secure a place for our economy at the table of the global digital market. Gaia-X lays the foundations for an open, transparent and secure federated digital ecosystem – and in doing so, we create the basis for sustainable, fair value creation based on data and digital services. Without having to fear a loss of control over our values and without the risk of being taken advantage of through our own openness.
In an article, McKinsey describes the characteristics of a data-driven company for 2025 with the clear message: Wake up! 2025 is just round the corner! And McKinsey also makes a clear statement about data ecosystems such as those made possible by the concepts of Gaia-X or the IDSA: In 2025, membership in a data ecosystem will be the new norm for companies.
Gartner, on the other hand, expects companies that actively promote data sharing to be ahead of their competitors by 2023. At the same time, Gartner also recognizes glaring deficiencies in the companies: Many will find it difficult to recover their valuable data within their own organization – the most important prerequisite for data sharing.
The reason is simple: Companies have come to understand that data represents value in the company, but they are not yet in a position to understand this data as a product in the value chain and to process it accordingly.
This is exacerbated by the fact that legal requirements have created a culture of data protection in companies. Protecting one's own data is justified, but at the same time it impairs the view of possible potential. Here, established behavior patterns must be broken up and space created for new thinking.
To be able to tap into the opportunities inherent in one's own data in the future, the following steps are essential in our view:
- Analyze and document existing data assets – you need visibility into the capabilities that exist within the company.
- Identify potential customers for the data – within the company and beyond.
- Design the overarching use case / business case – who needs what data, in what quality, at what time? What other added value can be generated in the company or beyond on the basis of my data?
- Build the data value chain: What will the "production line" for your data look like? How will the data be efficiently recorded, transformed, processed, made available and quality assured?
- Use Data Spaces, Data Marketplaces and Sharing Communities like the Mobility Data Space or Catena-X to leverage further potential from your data.
The IT and automotive experts:
The msg group has in-depth IT and industry expertise. Experts in Gaia-X help you take these steps with proven consulting models and support you in the technical implementation.
Sources
https://www.mckinsey.com/business-functions/mckinsey-analytics/our-insights/the-data-driven-enterprise-of-2025
https://www.gartner.com/smarterwithgartner/data-sharing-is-a-business-necessity-to-accelerate-digital-business
