14 Unlocking the value of data
A data standards framework will guide companies in how to use and share data to optimize their processes and improve decision- making
The Data Standards Expert Panel was established by BSI to bring together key industry players in the data space and across sectors. The panel comprises data policy makers from the DSIT (formerly the DCMS), chief technology officers and senior data managers from the public and private sectors, and academic experts. The panel, chaired by Mark Enzer who is also part of BSI’s Digital Strategic Advisory Group (DSAG), is tasked with examining critical success factors and providing strategic oversight for standards-related activity to enable data sharing and management within and
between sectors. The insights and feedback from
regular engagement are intended to identify ways in which data sharing can be exploited to its full potential and develop recommendations for private-public sector implementation. (See ‘Digital insights, pages 36-44 where Mark and other members of DSAG share some of their insights on how to achieve this.) “There is a plethora of standardization activities in the digital space being conducted in siloes, for instance, there are data workstreams across energy,
healthcare, transport, financial regulation and IT services,” says Joy Tan, Senior Standards Manager, Digital, BSI. “This calls for better coordination and development work in an inclusive and collaborative way to ensure data standards are versatile and widely applicable across sectors. “We would like to explore what this means for emerging technologies like AI, and how data standards might encourage better uptake across other areas of technological applications like digital twins and quantum technologies. By way of a
data standard framework, we can better inform companies of essential elements of good data they need to look out for. We intend for this guidance to assist their daily business operations, optimization of processes and decision-making when it comes to data sharing,” says Joy. “The initial impression we get is that some sectors are more mature and well-versed in data sharing, such as financial services. We are therefore looking to signpost other industry stakeholders to the key standards to help them improve their data-sharing capabilities. “In order to support inter-sector data sharing, we plan to deep dive into current data best practices within sector verticals to help bridge the gap,” said Joy. “This should also complement rather than replicate, existing sector-specific good practice. To start with, we have selected the energy and transport sectors for their ubiquitous use of data and their close connection to our national infrastructure. This will be our starting point before branching into other sectoral applications of data.” The benefits of data usage and sharing are wide-ranging. For example, data enables companies
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