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?

To achieve social value

Sharing Data to Address Our Biggest Societal Challenges

Participating in data ecosystems can be a critical part of a company’s comprehensive total societal impact strategy and a foundation for sustainable business model innovation.

To Drive New Business Models

How IoT Data Ecosystems Will Transform B2B Competition

The value of the Internet of Things lies in the data it serves up and the insights that result.

Share to Gain: Unlocking Data Value in Manufacturing

A Report from the World Economic Forum and Boston Consulting Group Finds That Data Sharing Is Essential for Reaching the Next Level of Data-Based Excellence in Manufacturing.

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

Data Sharing, Past and Present

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?

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.

Requirements of a Vibrant Data Economy

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

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?

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.

The Data Economy of the Future

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

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