Advancing the EU Data Economy: Conditions for Realizing the Full Potential of Data Reuse

Custers, B.H.M.; Bachlechner, D.

doi:doi:10.3233/IP-170419

The rise of big data promises a plethora of opportunities for a data-driven economy, including accelerated innovation and growth, and increased productivity and competitiveness. However, there are still many legal, technological, societal and economic barriers that inhibit the use and reuse of data. It’s not enough to have large volumes of data to capitalize on the benefits of big data. Data, for instance, must also be accessible, reliable and up-to-date, and there must be clarity about the provenience of data and the right business model. Companies can collect data themselves, but with respect to many use cases, it seems to be more reasonable to reuse existing data, which was collected by third-parties, at least to some extent. However, this is only happening to a very limited extent. This paper presents and discusses conditions that are prerequisites to realize the full potential of data reuse. The viability of data reuse depends on (1) compliance with legislation, (2)...Show moreThe rise of big data promises a plethora of opportunities for a data-driven economy, including accelerated innovation and growth, and increased productivity and competitiveness. However, there are still many legal, technological, societal and economic barriers that inhibit the use and reuse of data. It’s not enough to have large volumes of data to capitalize on the benefits of big data. Data, for instance, must also be accessible, reliable and up-to-date, and there must be clarity about the provenience of data and the right business model. Companies can collect data themselves, but with respect to many use cases, it seems to be more reasonable to reuse existing data, which was collected by third-parties, at least to some extent. However, this is only happening to a very limited extent. This paper presents and discusses conditions that are prerequisites to realize the full potential of data reuse. The viability of data reuse depends on (1) compliance with legislation, (2) technical possibilities, (3) public acceptance, and (4) business cases that yield added value. Data reuse and a thriving data economy rely on these conditions. Solutions are offered to policy makers and company leaders to facilitate data reuse and to advance the data economy.
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Advancing the EU Data Economy: Conditions for Realizing the Full Potential of Data Reuse