Data exchange is the sharing of data between systems, organizations and individuals. During this process, the information content or meaning assigned to the data is not altered during transmission. Data exchange allows data to be shared between different computer programs. When it comes to the business sector, the sharing of data offers valuable business intelligence and other advantages. Although the data exchanged between organizations varies widely depending on the industry, or insight-seeker business problem, but it generally serves to deepen the knowledge of the market and customers.
Data exchange offers businesses and governments significant productivity improvements and social benefits. It increases accuracy of marketing and communication activities to particular audiences along with increasing return on investment. Organizations effectively provision services and resources based on real up-to-date data. Data exchange is about leveraging information, previously unavailable to deliver effective outcomes. Many organizations collect and analyze data through their own sources such as customer-facing websites, social media accounts, customer service email and customer purchase data. The data collected only amounts to very little when compared to the total available data.
Data collected by organizations from their interactions with customers, prospects and other departments was considered an indirect resource incapable of generating revenue. Secure data exchange infrastructure empowers organizations to expand their data into a resource which generates revenue directly. Everyday 2.5 quintillion bytes of data is created, the majority of which remains unused. The huge amount of data generated has the power to change the world, find cures for cancers and ailments, to better direct social and charity services and to identify sustainable generation of food resources.
There is no uniform set of regulations and legal standards when data exchange is involved; it depends on the country, industry and type of data being exchanged. Organizations must effectively manage the governance around data exchanges with external parties to ensure the protection of customer privacy and the ethical application of the insights collected. Customer protection and data security are the key considerations for organizations considering data exchange.
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