#EUDataActSeries: Fair Data Sharing – A Win-Win for Consumers and Manufacturers

Data is the fuel of the digital economy, and the EU Data Act is reshaping the rules of the game. For manufacturers of connected products, the act presents both a challenge and an opportunity: how to balance data monetization and compliance while fostering trust and transparency with consumers.

The days of locking data inside proprietary silos are over. The EU Data Act mandates fair access to data, empowering consumers with data portability, interoperability, and rights to share data with third parties. From a business perspective, this means manufacturers must rethink their data strategies, ensuring they extract value while complying with new regulations.

What This Means for Consumers

1. Greater Control: Consumers will have the right to access and share data generated by the connected products they own.
2. Increased Competition: More open data ecosystems mean better services, more choices, and lower prices.
3. Stronger Trust: Transparency in data usage enhances consumer trust and brand loyalty.

What This Means for Manufacturers

1. New Business Models: Manufacturers can no longer solely rely on closed data ecosystems. Instead, data-sharing partnerships and marketplaces open new revenue streams.
2. Compliance & Risk Mitigation: The right governance frameworks ensure compliance, minimizing legal risks and ensuring fair value exchange.
3. Product Differentiation: A consumer-centric approach to data can be a competitive advantage, offering value-added services that drive engagement.

The challenge? Navigating the transition from proprietary control to open ecosystems without losing competitive advantage. At Connect Reply, we help businesses design data strategies that comply with the EU Data Act while unlocking new business opportunities.

Want to explore how fair data sharing can enhance your business model? Let’s talk. #EUDataActSeries