Learn about the value of data and the fears of sharing.
In a previous post we highlighted presentations from the European Big Data Value Forum. Digging deeper into the presentation on Boost 4.0: The Lighthouse Initiative towards a European Industrial Data Space (EIDS) gives some insights into the value of data, how it can be shared and the fears of stakeholders.
“The real smart industry data challenge primarily lies on the speed, transparency and trustfulness in which highly heterogeneous and multi-domain interoperable data networks can be established and accessed”
Here are some facts from the section on ‘Industrial Smart Data Value Network Challenges’:
- 99% of manufacturing data value is lost
- Only 15% use big data solutions
- Only 3% of data is tagged & analysed
Industry 4.0 big data fears:
- 57% worry about revealing valuable data and business secrets
- 59% fear the loss of control over their data
- 55% feel inconsistent processes and systems as a (very) big obstacle
- 32% fear that platforms do not reach the critical mass, so that data exchange will be interesting
Success lies in achieving better value from big data while allaying stakeholders’ fears.