At this stage we can comfortably say that the personal data economy is evolving at an astounding rate. The attitudes, behaviours and actions of citizens, combined with legislative pressures are all forcing change. But, the big question, the one that enterprises globally are pursuing, is the potential of new value realisation in the wake of this change.
The second day of MyData 2016 is all about the tangible - value creation, use cases and compliance.
For many of us, when we think about commercial opportunity in this context, the figure that often comes to mind is 1 trillion Euros. This comes from Boston Consulting Group’s 2012 report, The Value of Our Digital Identity.This is all good and well, but what’s the pathway to the realisation of that commercial value? How can we progress from where we are today to where we need to be to maintain our competiveness? How might we go about creating new and unique value for our customers?These are the questions worth asking and examples of approaches in this space will be clearly highlighted by startups, enterprises and government organisations on day 2.
An example of such an approach, and one I’m particularly familiar with, is Meeco Labs – a framework for enterprise and government to collaborate with their customers, gain access to new GDPR compliant consent management platform capabilities, and through the use of consent-exchanged customer data, prove the specific value of new human-centric engagement models, new customer experiences and new product, service and go-to-market opportunities.To highlight a specific example of some of the types of content we’re expecting startups, enterprises and government organisations to highlight on day 2, here’s a case study from one of the Meeco Labs Programs our team has worked on here in Europe.
With examples like this showcasing the value of human-centric approaches towards personal data, both for participating customers, citizens, patients and students, as well as the organisations supporting the program of work, day 2 is sure to surface clear and actionable insights for attendees.
But it’s not enough to touch on the risks and opportunities personal data controlled by the individual presents business. Moving beyond the Proof of Concept environment is critical. This type of market transformation requires deep thinking, experimentation, and collaborative execution. The result of which is an ecosystem where individuals, through life management platforms and other Me2B capabilities, are the platform in their own right.
For the 1 trillion euros of value to be realised, the right mix of horizontal platform capabilities, as well as deep vertical applications, will need to co-exist within the ecosystem.
The unique value of MyData 2016 day 2, and the specific focus that’s been given to the core areas of focus, is that it will expose the ‘best in breed’ examples of person first, person centric and Me2B platforms, applications and models.
Which, very nicely, leads into the focus of Day 3 – execution and how we make this happen.