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Unlocking the Power of Data Ecosystems
Data ecosystems are the complex environments of interconnected networks and actors that contribute to data collection, transfer, and use. They refer to the programming languages, packages, algorithms, cloud-computing services, and general infrastructure an organization uses to collect, store, analyze, and leverage data. Each organization has a unique data ecosystem, as no two organizations leverage the same data in the same way.
A smart data ecosystem is a platform that combines data from numerous providers and builds value through the usage of processed data. It’s a collection of intelligent entities that are interconnected and interdependent, interacting with each other to achieve common goals.
Data ecosystems can significantly impact and help companies. They enable companies to pursue new business opportunities by extending their core business or even enabling completely new products or lines of business. They can help companies improve operations and are important in reducing risk, especially for industry consortia in which every member contributes data.
Companies are already leveraging data ecosystems to improve decision-making by centralizing, standardizing, and making accessible data from various sources. For instance, manufacturers are deploying cloud technologies to build a connected ecosystem that delivers the insights necessary to transition to a smarter future. This approach helps them respond to disruptions before problems have the chance to compound.
The future of data ecosystems holds promising improvements. Cloud data ecosystems are moving from self-contained software or blended deployments to full cloud-native solutions. By 2024, Gartner expects 50% of new system deployments in the cloud will be based on a cohesive cloud data ecosystem. Moreover, the demand for Edge AI is growing to enable the processing of data at the point of creation at the edge.
Data ecosystems, particularly smart data ecosystems, are transforming the way companies operate and make decisions. They offer significant benefits now and hold great promise for the future. As technology continues to evolve, we can expect to see these systems become even more integral to business operations.
