The important role that digital solutions and networks play has been bought into sharp relief over the last 18 months, with digital transformation initiatives all accelerating as companies increase their resilience and adapt to the ‘new normal’. While some companies may choose to go it alone, we expect to see a trend of companies coming together to share data to speed up economic recovery. And so, through our joint efforts of greater data sharing in Europe, we will create a more robust digitally enhanced EU, leveraging its market power and turning it into a competitive edge to emerge from the COVID-19 crisis stronger.
These transformations and the EU recovery fund are pieces in a much larger puzzle, as success will also depend on the wider infrastructure, such as broadband networks, cloud solutions, and blockchain, which, in turn, emphasises the need for robust cybersecurity.
There are many facets to this data-socialism concept, but none of them present issues that are insurmountable. Indeed, much of the foundation work is already in place, with earlier implementations driven by previous external factors and market forces.
To a large extent it is now all about encouraging people to show others their hand and support the concept of a team victory. Go it alone and you may win, but work as a team and you will win bigger. From sharing sweets as a kid, to sharing life-transforming data as a company, the feel-good factor never changes; and these days your data could make a real difference.