Data exchange is the process of moving digital data from one medium or location to another. It’s a fundamental concept in various aspects of technology, including networking, telecommunications and computer systems.
Data that is a part of these two-way exchanges of information provides benefit for businesses of all sizes. It offers them unique opportunities to monetize their data and the capacity to accelerate their growth. In the public sector, efficient exchanges help agencies better understand citizen needs and improve service delivery.
In the past, data was transferred between systems and applications using three methods that included file transfers, direct connections to databases, and remote procedure call. These methods, however, require an in-depth understanding of the databases in operation and applications to be used and are often complex and difficult to manage in the course of. They may also cause security and performance issues, making it better to look for alternatives.
To maximize the potential of the data exchange, organizations should be focused on four important factors: ensuring that the shared data is complete, accurate and relevant to requirements of business, leveraging advanced analytics capabilities to gain relevant insights, and then creating an extensible and secure data platform that can support commercial activities. To build a platform like this requires a comprehensive approach that integrates the required technology, management and governance capabilities.
Once the platform is in place it is time to conduct market research, identify potential customer segments and create data products that are valuable. In addition, organizations must ensure that they’re in compliance with the data protection regulations and that their data exchanges are seamless, efficient, and reliable.