![]() ![]() Shaped by data gravity: As data sets become larger, so too do their storage requirements, which makes them more difficult to move. ![]() In a perfect world, however, they would have the following characteristics: Companies engaged in data marketplaces never cede control of their data.įew real “many-to-many” data marketplaces exist currently. Instead, each company simply grants access to its data-typically stored in a controlled environment-along with specific use guidelines. Data is no longer transferred, either digitally or physically, from company to company. Unlike peer-to-peer relationships, data marketplaces offer “one-to-many” or “many-to-many” relationships. They offer a smarter, more cost-effective way to share and leverage data. And as the number of peer-to-peer relationships grows, the amount of company resources dedicated to copying and sending data to others can become overwhelming. These transactions, however, forfeit any control the data supplier might have over if, when and how the data gets used. Traditionally, a company might share data electronically with another company on a peer-to-peer basis. From airline manufacturers seeking to share engine performance and fuel economy data with commercial airlines, to manufacturers of construction and mining equipment delivering real-time asset health and performance data to its customers, data marketplaces offer a disciplined, transparent environment in which all industries can make the best use of data at their disposal. Underpinned by secure, high-bandwidth, low-latency digital infrastructure, data marketplaces allow companies to buy, sell, or share data in accordance with agreed-upon guidelines for privacy and data integrity. And monetization of new or enhanced data sets can provide revenue and a competitive edge.ĭata marketplaces can provide a virtual setting for all of these transactions. Data sharing can promote goodwill, enable stronger collaboration among peer companies and generate cost savings for the participants. ![]() ![]() Data analysis, for example, can provide greater insight into the needs of current or future customers, or help spot new opportunities. In today’s business world, companies are discovering that data–both their own and that of others–can help them grow both their business and their customer base. ![]()
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