Data exchange enables disparate systems to communicate. This technique supports a wide range of business use-cases and encourages effective collaboration between teams.
Businesses of all sizes and across all industries could benefit from best practices that facilitate seamless exchange of data. This enables them to reduce the time spent on data acquisition, monetize their data assets and improve decision-making, foster innovation, and improve interoperability. However, there are a few challenges to be aware for example, inconsistencies in data, lack of transparency and trust, data integration and interoperability challenges and the need for a standardized data Governance framework.
Data exchange can be a method for many businesses to create new revenue streams, increasing their income and improving operations. For example weather data providers like AccuWeather earn revenue by placing their archives of historical and predictive data on data exchange platforms where they reach a wide spectrum of data consumers ranging from the agricultural sector to event planners.
Managing and optimizing data exchange requires an in-depth evaluation of the current processes and the development of an enterprise-wide data management strategy. This must include a clear appreciation of the benefits data exchange can provide, the needs and expectations of stakeholders, as well being aware of the capabilities of existing data sources. It should also include an integrator strategy that is flexible enough to meet future needs and opportunities, and is able to adjust to technological changes. Ideally, this should also be a framework that dissociates applications and databases, supporting enterprise-level data integration strategies that are based on web services and brokenred messaging methods.