The value of data for the private sector

Businesses are starting to see how data can benefit them. The Open Data Institute (ODI) held a meeting with 13 private organizations from various economic sectors to discuss the challenges and benefits of this new discipline: data in the private sector.

The value of data for society is increasingly evident. Many governments around the world are increasingly committed to using and publishing more open data. International global rankings for open data, such as the Open Data Barometer, run by the Web Foundation, have for several years recognized the UK  as the leading country in the field of open data. Meanwhile, newcomers to the open data movement are showing ambition and great potential, like Malaysia, keen to unlock the innovative potential of data. We have also witnessed shared successes and projects to bring together open data leaders in an international network.

In this context, the innovative value of data for companies has comparatively been much less documented, both from the point of view of its publication and its use. The Open Data Institute is one of the entities that is committed to building a solid, fair and sustainable data economy, helping companies and governments to obtain data. "We believe," says David Beardmore, ODI's Commercial Manager, "that in order to make the most of data, we need to build and maintain bridges between academic research, the public, private and third sectors, and a thriving ecosystem where both new ideas such as new approaches can be set in motion and developed."

ODI's commitment is to invest in open data businesses. After studying or analysing 270 pioneering companies in 2015, the Open Data Institute detected the transformative potential of data for enterprises and studied leading data industry companies who were committed to open source, standards, innovation and open data to maintain their competitive advantage. ODI has launched a programme to encourage enterprising companies, ODI Startup, which seeks to create a global network of start-ups that innovate with open data in all sectors, and has been associated with other accelerators such as ODINE and Data Pitch at European level, ASEAN Data Startup Accelerator in Malaysia and Labora in Mexico.

Companies are Crucial in the Data Economy

"A key aspect of the work we do is to help companies contribute to and benefit from the open data infrastructure in a broader way. We have worked with companies such as the international consultancy Arup, which through our partnership developed its data strategy and offered new business prospects to apply in areas such as asset or airport infrastructure tracking at airports," says David Beardmore.

In addition to helping companies innovate with data, ODI has set out to play a role in shaping future standards and opportunities, by collaborating and helping companies to prepare the way for a sectoral change. Adopting an open approach can help improve competition, boost efficiency and stimulate innovation.

In this context, ODI convened the British Open Banking Working Group of the British Treasury (HM Treasury),  which is committed to opening data and APIs: shared open data without loss of security or privacy. Almost no one now doubts about whether to turn banks into open service platforms. "Open Banking - says Beardmore - will enable individuals and small businesses to share their data securely with other banks and third parties, enabling them to compare products based on their own needs and manage their accounts."

ODI also focuses on the sports sector, through its collaboration with Sport England to help reduce sedentarism in England by making data on physical activities more open and available. Data are being opened and improved, standards are being developed and demand stimulated. A new reality is being worked on in which to make reservations for dance classes, find tennis courts or participate in sports activity classes. A collaboration that aims to mark the beginning of a long-term cultural change for the sports sector: use the data and keep up with the digital expectations of customers.

Another of the collaborations of ODI is with the pharmaceutical sector. The institute is calling on pharmaceutical organizations to collaborate on opening data on antibiotic resistance, agree on standards, publish surveillance data, and collaboratively build tools to make these data accessible and available. ODI recently brought together Arup, Deutsche Bank, Syngenta and Thomson Reuters executives with companies looking to take an open approach to data and innovation, such as GSK, Sainsburys, CapitalOne, InSpring and Dunnhumby. At present, all economic sectors face similar challenges: to find the right value proposition, equip their leaders with data skills and know which platforms to adopt. Open Data Institute is confident that the trend will continue in the coming years and involve more companies as key players in creating a solid, fair and sustainable data economy.

Source: ODI