Collaborative data ecosystems: it’s time to move!

Lately, to explain our conviction that collaborative data ecosystems is the next and biggest evolution stage in what we all do, we’ve been using a simple analogy.

Data ecosystems today could be what the Internet was in 1997.

The parallels are obvious. Like the Internet, data ecosystems represent both a massive opportunity and an existential threat to organizations. They also herald immense change: by 2025, data ecosystems are expected to be worth 60 trillion, which is 30% of the global economy. Most importantly, like in 1997, organizations who embrace this new development early will ultimately come out ahead.

Our recent report revealed that 48% of surveyed organizations plan to launch their first initiative on data sharing in 2021. In the next 3 years, 1 in 4 will invest more than $50 million in building their data ecosystems.

Clearly, the time to act is now.

Because the thing about data ecosystems, as the term suggests, is that no one can build one alone. As organizations begin building their ecosystems, those who continue to hesitate risk alliances being built without them – and missing out on the many benefits of data collaboration.

But change, no matter how beneficial, can often appear overwhelming and complex. That’s why we’ve been helping organizations to take the first steps and define their roadmap towards data sharing, focusing on a few key areas.

Understanding data maturity

At Capgemini, we see that there are four stages of maturity that organizations must go through on their data ecosystem journey:

1.????Data increases efficiency: there is internal collaboration between business areas, each with their own data accountability

2.????Data has value: data becomes a monetizable asset for your business

3.????Data becomes a business: your organization can lead external collaborations to create new revenue and margin opportunities

4.????Data ecosystem driver: the ultimate stage, where you have the potential to create your own ecosystem and entire new business lines

Before getting started, organizations must make an honest assessment of their own data maturity. It is the only way to understand what value their data would contribute to an ecosystem – or to begin taking the necessary steps so that their data can be in a position of value to potential partners.

Defining business goals

Despite all the possible benefits, data collaboration for the sake of it is meaningless. Organizations need to determine what drives them from a business perspective, and then set clear long-term goals accordingly. Is it about data monetization? Tapping into new markets? Customer loyalty? Securing the supply chain?

These answers will help them formulate a data ecosystem strategy: identifying data-sharing use cases that create value, which segments of data to share, and of course, which partners to share them with.

Defining goals also enables organizations to agree on how the results will be measured. What does success look like for the ecosystem?

Maybe you are getting insights for better performance or perspective. Or you are able to anticipate more because you have more information, creating impact on your operational efficiency and your competitiveness. Or your collaboration drives an outcome for consumer, by itself becoming a new product or service. It could even be an outcome for society or our planet, or progress towards the global sustainable development goals.

It’s not necessarily money gained, especially at first. That’s okay as long as everyone understands the definition of success.

Having transparent and measurable goals also creates the foundation of our next critical area: trust.

Building trust

Like any alliance, no ecosystem can operate without explicit trust.

Which is why Capgemini focuses on helping organizations to ensure that data exchange happens in a trusted manner, in compliance with regulations under mutually agreed terms and conditions, including transparency in data sharing and pricing.

We also set up operating models and design rules for efficient collaboration, to support the central governance of the ecosystem and address issues of data ownership, quality, security and privacy.

Taking the first step

Yes, there’s no denying the complexities of data collaboration. However, the most important thing is to start small – and to start now.

Currently, many data sharing efforts are still in their early stages. Organizations have the opportunity to catch up and eventually become a leader in a movement that will redefine the global economy.

But that opportunity won’t last forever.

Don’t miss your chance. Read our POV to learn how Capgemini can help you master collaborative data ecosystems today.