The Benefits of Data Sharing Now Outweigh the Risks (with abstract)
| The Benefits of Data Sharing Now Outweigh the Risks (with abstract) | |
|---|---|
| Published By | [[BCG]] |
| Publish Date | Apr 29, 2024 |
| Authors | François Candelon, Guillaume Sajust de Bergues, David Zuluaga Martínez, Harsha Chandra Shekar, and Marcos Aguiar |
| Topics | Data management |
| Statistics | |
| Article Size | words |
| Diagrams | No |
| Downloadable Version | Yes |
| Reviewers | |
| Page Owner | Nikolay Sidelnikov |
| Summary Author | Nikolay Sidelnikov |
Abstract
The article The Benefits of Data Sharing Now Outweigh the Risks by a group of Boston Consulting Group experts is devoted to different aspects of sharing data between multiple companies and pooling data from multiple industry players to improve their operations.
The article contains multiple examples of successful data exchange by industry players and explains how modern technologies can fix obstacles that seemed unresolvable a few years ago.
The following obstacles and solutions are described.
The need for more infrastructure, common standards, and talents is fixed today due to the appearance of multiple data-sharing service providers and general technological maturity growth. Generative AI would be a good and scalable solution for bulk data cleaning and normalization.
The regulation compliance challenge is described in detail, and some ideas on how to resolve it are mentioned.
Authors mention that the lack of trust is often the main obstacle to data sharing between companies.
At the same time, they point out that technologies may help to overcome this challenge as well, for example:
- Technology provides transparency into partners’ data governance and usage.
- Technology reduces the risk of strategic information leaks with synthetic data.
- Technology circumvents sharing company data directly by employing decentralized model training.
Full article text: https://www.bcg.com/publications/2024/the-benefits-of-data-sharing-now-outweigh-the-risks
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