Data sharing

- [Instructor] Data sharing is becoming increasingly vital as businesses continue to be powered by data. As data becomes more accessible to people of every level, transparency and accountability are heightened. Data sharing empowers business leaders and officials at all levels develop policies that will help make their cities, communities, and businesses more environmentally friendly. There are two key points to remember. The first is that data holds no value unless shared and put into good use. Data is only as powerful as its ability to drive action. Data needs to be shared in a way that allows different stakeholders to work together and impact the world around them. Data sharing isn't just about improving business processes. It can also help cities and communities save lives, reduce waste, improve public transportation systems, and much more. The second key point you must consider when sharing data is the ecosystem of trust you are building. Every data program must place a premium on trust and privacy. Data is a world with its own laws and culture. Unfortunately, huge legal, ethical, and environmental implications lurk beneath this massive data slumber party. Data sharing could be a force multiplier for organizations of all sizes. Allowing them to gain insight into their customers, products, and markets like never before. But that same data sharing can do harm if it's abused. That's why organizations must consider privacy and security as they share data across their organization and with third parties. This is a real world example of data sharing. In 2017, the World Bank estimated that there's around 1.7 billion unbanked adults worldwide. While many factors contribute to this problem, one of the biggest problems for financial institutions is to accurately assess the risk profile of potential customers. For many individuals with limited or no credit history, providing the required information has been an overwhelming hurdle. Financial institutions have recently succeeded in expanding access through microfinance and other channels thanks to data shared by and about consumers. By finding creative ways to use data intended for other purposes, such as e-commerce, or payments, to assess individual's ability to pay back a loan, these companies are able to extend credit access to the unbanked and underbanked. As business leaders consider data sharing, here are some questions to think about. First, how can you improve transparency in your enterprise by using data to help solve society's most critical problems. Second, consider what are the best ways to present your data and how might you measure the effectiveness of these approaches? Third, can you collaborate with other companies to develop new products and services? And can you make your data available as part of an open source platform that fosters innovation in the industry? This allows business leaders and organizations to put their data into good use and develop policies around real world and accurate data.