Data exchange is the process of moving digital information from one place or medium to another. It’s a key concept in various aspects of technology, including communication, networking and computer systems.
Data that is a part of these two-way exchanges of information offers benefit for businesses of all sizes. It offers them unique monetization opportunities and the ability to accelerate their growth. In the public sector, efficient exchanges can help agencies better understand the needs of their customers and improve service delivery.
Traditionally, three different methods have been used to transfer data between different systems and applications: file transfer, direct connection to databases and remote procedure calls. These approaches, however, require a thorough understanding of the operational databases and the applications that they are used with, and can become complex and difficult to manage over the course of time. Additionally, they could result in security and performance issues which makes other alternatives more suitable.
To maximize the value of a data exchange, enterprises should be focused on four important aspects: ensuring that shared data is accurate, complete and pertinent to meet requirements of the business, using advanced analytics capabilities to obtain relevant insights, and then creating an efficient and secure data platform that can support commercial activities. A comprehensive approach is required to build an application that blends management, technical, and governance capabilities.
Once the platform is established, it is now time to conduct market research, identify target customer segments and develop data products that add value. In addition, organizations must ensure they are in compliance with data protection regulations and that data exchanges are effective, reliable, and seamless.
