Digitalization is yielding vast quantities of data...
- Intangible assets, including data, constituted 84%, or $21 trillion, of S&P 500 company value in 2018
- Most data sits in private hands – by 2025, 80% of data worldwide will reside in enterprises
- There will be 30 billion connected devices by 2023, more than three times the global population and up from almost 19 billion in 2018
New opportunities are emerging...
New Value: New revenue streams, products and services for a broader range of stakeholders, enabled by data insights and analytics
New Business Models: New collaborative business models, enabled by ecosystem partnerships combining datasets
Richer Stakeholder Experiences: More personalized, convenient and trustworthy experiences in lifecycles and contexts, enriched by data
Better Decisions: Analytics-based insights for better and contextualized decision-making, beyond improvements to operational efficiency
... along with new capabilities and technologies...
Technology enablers: Trusted Execution Environment (TEE), decentralized learning, distributed insight generation, Multi-Party Computation (MPC), differential privacy, homomorphic encryption, Personal Online Data Stores (Pods), data sharding, digital twin, explainable and robust AI
Non-technology enablers: conceptual models, standards, template data contracts, industry consortia, connector hubs
... driving the emergence of a new paradigm for the business of data.
- Mobilize business leadership
- Build actionable frameworks and tools
- Scale game-changing innovations
Our Year Ahead
A working group of cross-industry executives leads the Business of Data initiative, which aims to usher in a new business paradigm for data that empowers stakeholders, is grounded in ecosystem partnerships and creates sustainable value for all. Via regular community meetings, it drives ongoing efforts including:
Playbooks for executive action: We will develop actionable frameworks, guides and tools that advance understanding of this emerging approach and catalyze further collaboration, innovation and replication.
Compendium: We will be curating and launching a repository of leading examples and innovations from across industries, spotlighting high-potential and replicable cases that create value from data for all stakeholders.
Blog series: Building on the launch of A New Paradigm for Business of Data paper, we will be publishing a series of blogs through 2020 highlighting new data-driven value opportunities, and technologies and innovations that enable them while preserving stakeholders' interests.
The Great Reset: The initiative will support the Forum's Annual Meeting 2021 by presenting opportunities for data-enabled business leadership in The Great Reset and highlighting live examples, technologies and innovations that enable data-driven value creation that is sustainable and inclusive.
Outputs to Date