Managing and Optimizing Data Exchange

Data exchange connects disparate systems, making it possible for them to communicate with each with one another. This process is able to support a broad range of business use-cases and fosters effective collaboration between teams.

Companies of all sizes and sectors can benefit from the best practices for seamless data exchange, which allows them to speed up the process of acquiring data, increase the value of data assets, improve the process of decision-making, boost innovation and improve interoperability. However there are a few obstacles to be aware of like data inconsistencies, a lack of transparency and trust, data integration and interoperability challenges, and the need for a clear Data Governance framework.

Many organizations are developing new revenue streams through data exchange, earning additional income and improving their operations. For example weather data providers such as AccuWeather generate revenue by putting their repositories of historical and predictive data on data exchange platforms which are accessible to a broad variety of data consumers, from the agricultural sector to event planners.

Optimizing and managing data exchange requires an in-depth analysis of current processes as well as the creation of an enterprise-wide data management strategy. This should include a clear knowledge of the value data exchange can provide, the needs and expectations of the stakeholders, as well being aware of the capabilities of existing data sources. It should also include an integrated strategy that is flexible enough to meet future needs and opportunities and able to adapt to technological changes. Ideally, it should include an architecture that decouples applications and databases, enabling enterprise data-integration strategies that are based on web services and brokenred messaging strategies.

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