Business of Data

Digitalization is yielding vast quantities of data...

• Intangible assets, including data, constituted 84%, or $21 trillion, of S&P 500 company value in 2018


• Most data sits in private hands – by 2025, 80% of data worldwide will reside in enterprises
  


• There will be 30 billion connected devices by 2023, more than three times the global population and up from almost 19 billion in 2018

New opportunities are emerging...

• 
  New Value: New revenue streams, products and services for a broader range of stakeholders, enabled by data insights and analytics


• 
  New Business Models: New collaborative business models, enabled by ecosystem partnerships combining datasets


• 
  Richer Stakeholder Experiences: More personalized, convenient and trustworthy experiences in lifecycles and contexts, enriched by data


• 
  Better Decisions: Analytics-based insights for better and contextualized decision-making, beyond improvements to operational efficiency

... along with new capabilities and technologies...

• 
  Technology enablers: Trusted Execution Environment (TEE), decentralized learning, distributed insight generation, Multi-Party Computation (MPC), differential privacy, homomorphic encryption, Personal Online Data Stores (Pods), data sharding, digital twin, explainable and robust AI


• 
  Non-technology enablers: conceptual models, standards, template data contracts, industry consortia, connector hubs

... driving the emergence of a new paradigm for the business of data.

Objectives

• Mobilize business leadership


• Build actionable frameworks and tools


• Scale game-changing innovations

Our Year Ahead

A working group of cross-industry executives leads the Business of Data initiative, which aims to usher in a new business paradigm for data that empowers stakeholders, is grounded in ecosystem partnerships and creates sustainable value for all. Via regular community meetings, it drives ongoing efforts including:

• 
  Playbooks for executive action: We will develop actionable frameworks, guides and tools that advance understanding of this emerging approach and catalyze further collaboration, innovation and replication.


• 
  Compendium: We will be curating and launching a repository of leading examples and innovations from across industries, spotlighting high-potential and replicable cases that create value from data for all stakeholders.


• 
  Blog series: Building on the launch of A New Paradigm for Business of Data paper, we will be publishing a series of blogs through 2020 highlighting new data-driven value opportunities, and technologies and innovations that enable them while preserving stakeholders' interests.


• 
  The Great Reset: The initiative will support the Forum's Annual Meeting 2021 by presenting opportunities for data-enabled business leadership in The Great Reset and highlighting live examples, technologies and innovations that enable data-driven value creation that is sustainable and inclusive.

Outputs to Date

• (July 2020) Narrative paper: A New Paradigm for Business of Data
  


• (July 2020 - present) CEO blog series:
  
  
  • How COVID-19 ended the Information Era and ushered in the Age of Insight
  
  
  • Data is the new gold. This is how it can benefit everyone – while harming no one
  
  
  
  


• (July 2020) Engagement material: Digital Transformation: Powering the Great Reset
  


• (May 2020) Transformation Map (with "Business of Data" node): Digital Economy and New Value Creation