Month: July 2023

Use Case: Corporate Multi-Site Data Exchange

The constant increase in data today makes it impossible for companies - regardless of size - to ignore the enormous potential of data monetisation to increase profits and even expand their markets. Data monetization is the process where company-generated data is used to create a measurable economic benefit, explains Talend.

While it is most common when one hears about data monetisation to imagine companies selling the data they generate to third parties, there is also great potential for data monetisation in the internal use of data to improve services already provided or to create new ones. However, when the company that wants to use its internal data is a large company with numerous subsidiaries, data monetisation faces a major obstacle: the complexity behind multi-site data exchange.

OTE Multi-Site Data Exchange Use Case: a unique opportunity to test the DATAMITE framework

To be able to measure the value offered by the DATAMITE framework it is ideal to be tested over an actual use case that combines data from different data platforms and systems and has real business value for the organisation. OTE, the largest mobile network operator in Greece, fulfils all the necessary requirements to be one of the Use Cases of the project.

Currently OTE subsidiaries have their own data repositories that mainly ingest, store, process and analyse their own datasets. When a subsidiary needs information that is not part of its own business, a data exchange process is initiated to request data based on business need. Overall data exchange process is lengthy, complex and resource demanding, resulting in data and process duplication, increased delivery times, and development and operational efforts. 

The DATAMITE framework: a key piece for exchanging data between different data lakes within the same company

The scope of the pilot is to utilise the DATAMITE framework to overcome the challenges that OTE faces concerning intra-corporate data exchange between different subsidiaries of OTE Group of companies, allowing building a convergent customer view and building on top of this reporting and analytics solutions.

DATAMITE framework will produce an efficient data exchange process, by creating a metadata repository reducing complexity of governing data, allowing users to have uniform, fine grain and rule based security controls, as well as, providing a global point to define quality rules. Moreover, during the pilot, the Data Governance module of DATAMITE will enable business and technical users to have a common understanding of business terms across different data sources. 

The Data Quality module will also allow users to feel confident to use available datasets, knowing that required quality and freshness rules have been implemented and the data to be used meet the needed standards, while, Access, Security and Data Sharing modules will ensure that data will be shared across data platforms in a secure and reliable way having a common data model, where mandatory regulations (GDPR) and organisation policies (including privacy and security) have been implemented across platforms and data accessed based on a centralised approach.

One of the main challenges of the use case is to combine information from numerous data sources to calculate needed datasets and features that will be used in the analysis phase of the project.

Impacts beyond the use-case scenario

The developed pilot could be leveraged by the organisation to expand it in the full scale of the use case (using all needed data sources), utilised in other use cases with similar data needs and support execution of ad-hoc analysis and visualisations allowing the organisation to perform self-service reporting and analytics. 

Pilot setup can also be exploited in other similar organisations (either in telecom industry or other industries with similar data needs) reducing time to deliver and expand data democratisation.

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How DATAMITE will contribute to unlock the potential of data

In an increasingly data-driven world, organisations are realising the immense potential of data monetization. By harnessing the power of data, businesses can gain valuable insights, make informed decisions, and even create new revenue streams. According to Gartner Glossary, data monetization, refers to the process of using data to obtain quantifiable economic benefit data by transforming it into actionable insights, products, or services.

With the EU's strong emphasis on data protection, privacy and trust in voluntary data sharing through regulations such as the General Data Protection Regulation (GDPR) or the Data Governance Act (DGA), the data landscape has undergone significant transformations. However, as organisations adapt to these regulations, they are also discovering innovative ways to unlock the potential of their data assets.

DATAMITE is designed to revolutionise the European data market by helping users who want to better monetise their data and become the leading edge of the data monetisation.

Trends and Opportunities in the EU

Compliance and Ethical Considerations

The GDPR has played a crucial role in shaping data monetization practices in the EU. It has created a foundation for data protection and privacy, ensuring that data is collected, processed, and shared responsibly.

In this context, DATAMITE is one step ahead and its multidisciplinary team includes two companies in charge of this trend. The Centre for Social Innovation (ZSI) ensures that the whole process of developing the framework is carried out with a high focus on Social Sciences and Humanities that goes beyond the monetary aspects. Law and Internet foundation (LIF), on the other hand, ensures that all activities developed within the project are legally and ethically aligned with the European regulatory framework and principles. 

Collaborative Data Partnerships

As data becomes increasingly valuable, organisations are seeking partnerships to pool their resources and create more comprehensive datasets. Anytime two companies combine their data-driven insights to create new value, we are seeing data collaboration in action. Despite the enormous value of creating a partnership, companies or public bodies should always bear in mind the above point about data privacy. “In the modern world where privacy and security are of monumental importance, the methods companies use to collaborate around data are more important than ever”, reminds the Data Collaboration Guide.

The DATAMITE project as a whole is a good example of the benefits of collaborative data partnerships, with more than 20 organisations participating in its development, sharing knowledge on data storage, security and exchange. And, in particular, its use cases seek to realise the full potential of multi-site data exchange and data exchange between service providers and dataspaces.

Improving data quality; a must for data monetisation

To derive meaningful insights, data must be of high quality, accurate, and reliable. According to the publication Data.europa.eu data quality guidelines, poor quality data is a major barrier to data reuse. This is not new, since 2021 the Open Data Maturity assessment showed that, out of all the parameters it takes into account, EU countries scored lowest on Quality. Yet there is still much room for improvement in this field.

DATAMITE recognizes the critical role of data quality in successful data monetization, and is fully committed to improving it. As Liliana Beltrán, Specialist in positioning and Data innovation ecosystems at ITI - Instituto Tecnológico de Informática, on behalf of the project said at the Data Week 2023: “We firmly believe that to embark on a new era of the data economy, it is crucial to prioritise efforts in enhancing data quality. High-quality data is a fundamental aspect of successful data monetization”. By prioritizing efforts to enhance data quality, the project aims to overcome the barriers posed by poor data quality and promote the reuse of data.

DATAMITE: Empowering European Companies in Data Monetization

In the context of this evolving landscape, the DATAMITE project emerges as a game-changer, empowering European companies to improve data monetization, interoperability, trading, and exchange at both internal and external levels.

To support internal improvement, DATAMITE provides users a collection of open-source modules to enhance their data quality and trustworthiness, as well as Tech training material to upskill personnel. But also, from a data economic perspective, DATAMITE provides EU companies strategies to improve data monetization and mechanisms to quantify the value of their data.

At an external level, DATAMITE ensures that users retain control over their data, enabling them to explore new sources of revenue and foster interactions through Data Sharing and Sovereignty Mechanisms.

In summary, by adhering to FAIR principles and providing data owners with tools to secure and reliably share quality data, DATAMITE boosts data economy. Through this initiative, European organisations can harness the power of their data assets, drive innovation, and explore new sources of revenue in the evolving data economy.

If you want to always stay updated about our project, follow us on Twitter and LinkedIn!

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