The European Commission recently published the amendments added to the Data Act. What is the Data Act? It’s the new regulation being created regarding the accessing and sharing conditions of the data generated by any connected device, except for products specifically made to display and read content.
This regulation aims to define the way in which the data economy spreads the value between the economic operators, favors competition, prevents locking effects and creates innovation opportunities.
Among these innovation opportunities, there is co-innovation, which is done thanks to collaborative data ecosystems. Let’s see what they are.
What is a collaborative data ecosystem?
As the Journal du Net explains, more and more companies are turning to external sources of data to enrich their information assets or share their own data or insights. That’s what collaborative data ecosystems are for.
They are not made to exchange data in a bilateral manner, but to make refined, contextualized, high-value data available (in a marketplace for example). The exchanges are made between partners, and according to regulations and data confidentiality. These partners can be companies from the same industry, companies from different industries or institutions.
Collaborative data ecosystems are particularly useful in co-innovation.
What is co-innovation?
According to Opendatasoft, co-innovation refers to the gathering of several partners who share resources and work together on specific issues. It allows companies to innovate, scale and put new solutions on the market much more rapidly than if they had worked on them on their own.
In co-innovation, data and tools used to reuse them have to be centralized in portals, of which the access must be simplified and documented. On the other hand, APIs allow the actors of the ecosystem to industiralize the creation of products and services powered by shared data. This data must be relevant, precise, of good quality and up to date. Users have to be engaged and encouraged to reuse the data.
Schneider Electric can be counted among the growing number of organizations engaging in co-innovation. Indeed, this company wants to contribute to the optimization of energy consumption and resource usage by proposing to their clients data-centered solutions to solve their energy efficiency and sustainable development issues.
To do that, Schneider Electric created the Exchange platform, where it makes a data services marketplace available for its clients. This marketplace includes:
- A large variety of resources (API, analysis and datasets)
- Digital tools and skillsets
The ecosystem partners can also share ideas and concepts on a collaborative cloud platform and access a network of solutions from the suppliers of the energy sector.
This collaboration allowed several members of the ecosystem to solve important problems, and co-innovation in general helped many companies.
Co-innovation seems to have big benefits, however Forbes reports that only 20% of industrial data is exploited by public and private European companies. The Data Act should contribute to accelerating the use of this data, and thus generate 270 billion euros of additional GDP by 2028.