Maximizing the Potential of a Data Exchange
Data exchange is the process of transferring digital data from one medium or location to another. It is an important concept for many aspects of technology including telecommuting, networking and computer systems.
Information that is part of these two-way exchanges of information provides the benefit to companies of all sizes. It offers them unique monetization opportunities and the ability to accelerate their growth. In the public sector efficient exchanges can aid agencies to better understand the needs of citizens and improve the quality of services offered.
Traditionally, three different methods have been employed to transfer data across disparate systems and applications that include file transfer, direct connection to databases, and remote procedure calls. These approaches, however, require extensive knowledge of the databases that are operational and applications as well as becoming complex and difficult to manage over time. Furthermore, they could cause security issues and performance issues that make alternative options more desirable.
To maximize the potential of data exchanges, enterprises should focus their efforts on four primary considerations. These include ensuring that the data exchanged is accurate complete and pertinent to business requirements, making use of advanced analytical capabilities to gain relevant insights, and developing an effective and secure data platform to aid commercial operations. To build a platform like this requires a holistic approach that includes the required technological, management and governance capabilities.
Once the platform is up and running, it is now time to conduct market research, determine target customer segments and create data products that are valuable. Additionally, organizations must be sure that they are in compliance with the data protection regulations and that their data exchanges are seamless and efficient.