Let’s shape the future of data ecosystems together

A federated, open infrastructure in which data is managed and/or accessed (data exchange) and shared by a defined group of stakeholders (2+x). It is important to note that the stakeholders operate within agreed rules and policies to access and share data. In addition, a data space is characterized by a decentralized nature that aims at interoperability.

The term “data economy” generally refers to the notion of data as a valuable resource that can be used to create economic (added) value. It refers to the collection, storage, analysis and dissemination of data, as well as the development of technologies and business models that enable companies to derive insights and value from data.

The data economy encompasses a wide range of industries and sectors and equally a wide range of possible use cases of data for purposes such as personalization, targeted advertising, predictive analytics and the use of artificial intelligence.

There are several reasons why building a data space makes sense for your organization. We distinguish between market and regulatory drivers:

• You want to create added value in the context of global competition or to be able to offer your customers special services, for which you can leverage previously unused data treasures and develop new offerings through combination / analysis or similar.
• You would like to fulfill regulatory requirements such as the supply chain act or the like with maximum efficiency. For this purpose, the creation of a data space with the relevant actors is an option, whereby not only reporting obligations can be automated but also further insights into your supply chain situation can be gained and made accessible to your organization.

There are multiple ways in which you can create added value from your data or the data accessible to you. For example, new services (e.g. improved customer experience) or new business models are conceivable through the use of and access to additional data(sets). You can also increase efficiency by mapping processes that require a large number of data points from different data sources more quickly and cost-effectively (e.g. to fulfill reporting requirements).

A data space enables the exchange and usage of data. In addition, the function of a data space is to enable, facilitate, or control the provision, receipt, and transmission of data (the logical components of the exchange). This includes, for example, functions for cataloging or identifying participants (data users / sources / etc.) and objects of the exchange (=data).