Digi.me is delighted to be highlighted in a new report produced by the World Economic Forum (WEF).
The A New Paradigm for Business of Data report explores how Covid-19 has become a watershed moment for the role of digital technology, as accelerated innovation makes it even more deeply ingrained in the fabric of our lives.
At the heart of this, notes the report, is the “explosion of insight, intelligence and information” that is data, the lifeblood of the digital economy. However, it also cautions that amid so much potential, the ability of businesses, governments and consumers to use data to exacerbate existing inequality remains, and needs to be overcome as we aim to build a new data economy.
Crucially, the report says: “For businesses, understanding how to leverage data is a critical component to future success.”
The WEF paper explores findings, practices and case studies from companies, such as digi.me, which are “leading the way in ushering in a new business paradigm for data that is grounded in ecosystem partnerships, empowers stakeholders and creates sustainable value for all.”
The paper covers three broad themes:
- Opportunities for data-driven value creation, in areas including new revenue streams, products and services as well as new collaborative business models featuring ecosystems based on shared datasets
- Powerful new technologies that enable these to come to fruition, opening up new possibilities
- The new paradigm these twin trends are driving, which leverages stakeholder interests as key to building sustainable and shared value.
On digi.me, the report says: “Digi.me, a personal data marketplace, has already enabled consumer data ownership for more than half a million users. Users compile personal, financial and health data, then establish parameters for sharing and selling their data.
“Instead of collecting data from consumers, businesses and developers ask them to consent to share it in exchange for value, such as a product, service, convenience or reward.
“Companies find a new data model centred on the individual, which ensure a single source of data, with richness, robustness over time, accuracy and ease of use. Individuals receive value, agency, privacy and consent, all of which encourage more data sharing.
“The platform has already enabled use cases spanning health and wellbeing, finance and banking, and government agencies.”
Ultimately, the paper is clear that leveraging new data-based capabilities opens up new possibilities for all stakeholders, not just shareholders, in terms of market, revenue, experience and insight generation. This is a highly sustainable model, because all parties benefit.
Moreover, companies that demonstrate leadership in these new models and practices not only create opportunities, but build trusted and valuable relationships with customers. The report also notes that “governments can be proactively supported in their goal to protect consumers”
The report concludes (check against final version): “This new paradigm, based on collaborative ecosystems, trustworthy data stewardship, and aligning business success with better outcomes for all, is already emerging.
“It is our hope that this paper, by exploring some of the actions that leading businesses are already taking, will advance and refine this paradigm, on which the future of capitalism and the sustainability of our planet may depend.”