Unleashing the Data Economy

Smart homes, the Internet of Things, social media, mobile applications, and other technologies are generating an unprecedented amount of data. However, despite its potential to unlock significant value and address large societal challenges, data doesn’t have any inherent value itself. Data only achieves value by being transformed into insights, applications, and services. While this process is often contained within individual companies, new applications and technologies are giving way to a new kind of value loop—one that spans across organizations.

But too often data remains stuck. While many companies are well underway on their digital journeys, organizations have yet to realize their data’s full potential, which can only come from their participation in the data economy. The data economy is increasingly based on data sharing in intercompany ecosystems, and growing it will require building new capabilities, harnessing emerging technologies for enablement, and defining new organizational and governance models to support greater collaboration. In this series of articles, we explore different aspects of unleashing the data economy. Topics include understanding what the data economy is and examining its value, the challenges of data sharing, and how firms can navigate the changing landscape of opportunity.

Why Do We Need a Data Economy?

Inspiring the Next Game

About the Podcast Series

This podcast series—brought to you by the BCG Henderson Institute—offers new perspectives on business, technology, economics, and science.

Click here to listen to the podcast series

The Future of Data Sharing

In this episode, we hear from Sandy Pentland, professor and cocreator of the MIT Media Lab, to learn about the frontier of AI and data sharing—and how we can mitigate the risks therein.

Listen to episode 7

How to Govern Data Sharing

Stefaan Verhulst, cofounder and chief R&D officer of the governance Lab at NYU, shares his thoughts on how to overcome the challenges of data sharing.

Listen to episode 6

How to Build a Data Platform

When building an ecosystem that relies on shared data, attracting partners is critical. Lane Arthur, the vice president of data, applications, and analytics at John Deere, describes how his company is tackling this challenge.

Listen to episode 5

How Data Sharing Builds Innovation

Listen to episode 4

How Data Sharing Creates Societal Value

Listen to episode 3

How Data Sharing Changes Business Strategy

Listen to episode 2

How Data Sharing Creates Value for Customers

Listen to episode 1

The Data Economy of the Future

What is the path to a world of increased data sharing?

Future Governance

Simple Governance for Data Ecosystems

Data is fundamentally a collaboration problem. Let’s apply the principles of Smart Simplicity to enhance ecosystems as vehicles of data sharing.

Future Governance

Europe Needs a Smarter, Simpler Data Strategy

The new European Data Governance Act is a good first step, but there’s room for complementary initiatives.

Orchestrating the Value in IoT Platform-Based Business Models

The Internet of Things presents a new opportunity for value creation—and a risk for those who ignore it.

Building a Business from Data Is Hard—Here’s How the Winners Do It

Companies across industries have vast amounts of valuable information—but most struggle to monetize it. A close look at those that do reveals the secrets to success.

The Emerging Art of Ecosystem Management

Many companies are building or joining collaborative networks. The challenge is how to effectively set up and manage these ecosystems and use them strategically to maximize value—and gain a competitive edge.

Four Strategies to Orchestrate a Digital Ecosystem

Companies must attract members and partners to their platforms while maximizing profits.

Future Models

Where Is Data Sharing Headed?

Companies thinking about participating in data ecosystems need to consider the opportunities and risks that the various models present.

Future Technology

The New Tech Tools in Data Sharing

A complex marketplace is taking shape. Corporate management teams with data-sharing interests need to get up to speed.

Requirements of a Vibrant Data Economy

These features of data sharing are essential to achieve the true potential of the data economy.

Bridge Industry Silos

The Risks and Rewards of Data Sharing for Smart Cities

Smart cities are one of many natural aggregation points for IoT applications and data. How are smart cities today sharing their data and managing opportunities and challenges from the data economy?

Anticipate the Unexpected

How Far Can Your Data Go?

IoT data can reveal surprising insights when used in novel ways. How can data sharing enable existing data to be used for new purposes and to drive new insights? How can companies capture value when data is used in unforeseen ways?

Click on the data uses or data entities in the graphic below to explore a network of data sharing.

Balance Privacy and Value

What B2B Can Learn from B2C About Data Privacy and Sharing

While the conversation on privacy has centered on personal consumer data, the principles also apply to enterprise data. How can companies balance privacy and value in enterprise data sharing?

Bridging the Trust Gap in Personal Data

How well companies manage their use of consumers’ personal data can spell the difference between failing and flourishing.

Data Sharing, Past and Present

Data Sharing in the Present

Contact Tracing Accelerates IoT Opportunities and Risks

COVID-19 is accelerating many social and technological trends, from e-commerce to remote working to IoT adoption. Here are some data sharing lessons from contact tracing technologies around the world.

Data Sharing in the Past

Innovation, Data, and the Cautionary Tale of Henrietta Lacks

The idea of sharing information is embedded in our very cells. What can one woman’s tissue sample teach us about the innovation value and privacy risks of data sharing today?

The BCG Henderson Institute is Boston Consulting Group’s strategy think tank, dedicated to exploring and developing valuable new insights from business, technology, and science by embracing the powerful technology of ideas. The Institute engages leaders in provocative discussion and experimentation to expand the boundaries of business theory and practice and to translate innovative ideas from within and beyond business. For more ideas and inspiration from the Institute, please visit our Latest Thinking page and follow us on LinkedIn and Twitter.