Decoding Data: Value discovery of data via data marketplaces

Data is considered the new oil and therefore businesses have been making significant efforts to streamline methods and systems that enable in effective collection, categorisation and organisation of data supporting in the decision making processes. Most of the attention so far has been on mining the data generated by the business through its own transactions and extract useful insights from them for enhancing the customer experience or productivity of resources being deployed.

In the next phase of this journey we are going to see significant attention on accessing and procuring data from market places. Businesses will start realising the realvalue of their own data and would also be able to add more value to their own data blending with the data available from other external sources. According to Gartner Report, by 2022, 35% of large organisations will be either sellers or buyers of data via formal online data marketplaces.

Data marketplaces should not be confused with data lakes and data warehouses as the latter pertain to the storage and analysis of internal data only whereas the former enables in access to data from third parties.