A springboard for data sharing
Last Ignition we reviewed the importance of strategic data sharing initiatives as highlighted by MIT research. Ballance and Fonterra in New Zealand are showing that this will not be limited to industries forced by regulation.
A logical first step for many organisations could be B2B data sharing portals. This Ignition we share our lessons learnt from a recent engagement that allowed an Australian Energy retailer to share data with its business customers, who in turn, can deliver benefits to their consumers.
Do you know what shared data could further enable your customers??
Do you know what it would take to create a frictionless experience??
Could B2B portals be your springboard to strategic data sharing?
A springboard for data sharing: B2B data portals opening opportunities for collaborative value gains
Consumer Data Rights have driven faster adoption of self-serve technologies for consumers to access their own data, freeing up the time of the service provider’s customer care team. In turn, consumers are becoming more receptive to exchanging their data with service providers, knowing they retain ownership, the exchange is secure, and they are deriving a material benefit from how this data is being used.
?An AFR article published late 2021, noted that a study conducted by Quill, Studioworks and Open Data Australia found 90% of 56 surveyed companies intended to use CDR data to build new digital products. At that time, Regional Australia Bank was already using CDR data to streamline expense verification and affordability assessments for loans, and Beyond Bank was developing apps to manage personal finances.
The Next Opportunity
As CDR is rolled out in the energy sector, we are sure to see a continued focus on reducing the cost to serve customers and an ongoing focus on self-help. As data experts, the team at Ignite need to look beyond immediate implementations and plan for future horizons where CDR solutions are part of the foundational platform from which data becomes a core value gain business opportunity. That next phase is extending the success of self-serve access in the business-to-consumer domain to strategic data sharing as the springboard for self-serve access in the business-to-business domain. Our team recently deployed self-serve data capabilities with an Australian-based energy company, enabling its business customers to access granular data at will, which they, use to deliver benefits to their customers (the end user).
DA | Canary Media | 19 May
Crunching data to keep EVs from overloading California’s grid
Ignite: We're expecting forecasting to take the forefront as infrastructure needs and consumer demands peak. Over in the US, north of US$50B needed for distribution upgrades by 2035 according to US startup grid data specialists Kevala, to support California's electricity demand for EVs. A good read on how Kevala is using data to create a grid model based on adoption,?behaviour?and power flow to allow utilities to gradually upgrade the grid over time, reducing stress on ultimately consumers who will need to foot the bill on top of increasing power rates.?We have already seen Energy Queensland leveraging its?smart meter data and data science platform to model the impact of EV charging on the network.
DA | Smart Energy International?| 19 May
New algorithm uses smart meter data to improve power grid reliability
Research like this is why smart meter adoption will play a huge role in Australia's sustainable energy future. The data that can be collected via smart meters will be core to planning, serving and distributing energy across the network.
DA | MIT?| 18 May
It's time to invest in internal data sharing
The team at MIT have followed up their research on strategic data sharing by taking an internal lens. We would encourage Data leaders to reference the findings as they build out their data pathways for investment.
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OpenAI CEO calls for laws to mitigate ‘risks of increasingly powerful’ AI
Regulate or educate? Chicken or egg? The senate judicial committee testimonies are an all too familiar sight as lawmakers play catchup with rapidly evolving technology. Misinformation is front and centre again, and based on what we've seen from the Cambridge Analytica saga, the efforts to curb are possibly focusing on the wrong thing. Education, learning how to identify fabrication, and community-based fact checking (i.e. Twitter's Community Notes) are the immediate tools at our disposal.
AI | McKinsey | 12 May
What every CEO should know about generative AI
Whilst most generative AI news has been focussed on misuse of data or misinformation this piece from McKinsey takes more of a business lens and business value lens. Well worth the read for executive teams and Data leaders.
AI | IT Brief Australia | 5 May
Databricks acquires Okera to boost its AI-driven data governance platform
Beefing up Unity Catalog with AI-capabilities, making the Databricks platform the best in class for data privacy and governance. Since releasing Dolly 2.0, Databricks look to be leading the way in responsible busines LLM and AI applications, putting security and privacy first.
DA | Scoop | 4 May
Ballance and Fonterra join forces to streamline data sharing for farmers and growers
Strategic data sharing is not limited to those industries forced by regulations. Ballance and Fonterra leading the way in NZ Agribusiness.
CDR for Electricity Retailers
CDR is just around the corner for Electricity Retailers with 10K+ small customers. If you're debating build v buy for your data management, or have questions around frameworks, policies and procedures,?talk to us today.
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