A new paradigm for business of data as the COVID-19 pandemic represents now a watershed moment for the role of digital technologies in our lives. We have learnt how much we rely on them . And how ingrained they are in almost every aspect of our day-to-day activities. It seems clear that our future will be increasingly digital.
At the heart: data
At the heart of the digital economy and society is the explosion of insight, intelligence and information – data. Data is the lifeblood of the digital economy. The exponential growth of data has the potential to enable better outcomes and new value for all. The way businesses, governments and consumers use data can also exacerbate exclusion, the unequal concentration of power and wealth, and social instability. For businesses, understanding how to leverage data is a critical component to success.
About the paper
This paper captures replicable learnings and practices from organizations. This leads the way in ushering in a new business paradigm for data that empowers stakeholders, is grounded in ecosystem partnerships. It creates sustainable value for all. Utilizing live, successful examples from across the business community today, it highlights:
- New opportunities for data-driven value creation, categorized into four archetypes. New value pools, new business models, richer stakeholder experiences and better decisions
- Powerful technologies that are opening new possibilities for companies to protect their own interests and those of others
- The new paradigm that these twin trends are driving? One that leverages stakeholder interests as a core design parameter in building sustainable and shared value
This paper is intended as a starting point to advance actionable understanding on this emerging set of approaches – to catalyse further replication, collaboration and innovation. It also represents a contribution to an ongoing set of activities across World Economic Forum communities. Further resources are provided for additional reading on digital transformation, industry-specific views on data-driven value. Moreover, data collaboration and policy, operationalizing end user agency through “good” digital identity and use cases that leverage data and technology forCOVID-19 response.WEF_New_Paradigm_for_Business_of_Data_Report_2020