Data exchange allows disparate systems to communicate. This process supports a wide variety of business scenarios and encourages effective collaboration between teams.
Businesses of all sizes and in all industries can benefit from best practices that facilitate seamless exchange of data. This helps them improve their data acquisition process and to make their data assets more valuable, enhance decision-making, promote innovation, and improve interoperability. There are some challenges to be aware of such as data inconsistencies, and lack of transparency.
Data exchange can be a method for many businesses to create new revenue streams, increasing their revenue and enhancing operations. For example weather data providers such as AccuWeather earn revenue by placing their repositories of historical as well as predictive data on data exchange platforms, where they reach a wide range of users, ranging from the agricultural sector to event planners.
To optimize and manage data exchange, it is necessary to assess current processes and create an overall strategy for managing data across the entire company. This must include a clear appreciation of the benefits data exchange can bring and the requirements and expectations of stakeholders, as well in the capabilities of current data sources. It should also include a plan for data integration that can be adapted to changes in technology and to meet future demands and opportunities. Idealy, it should also include an architecture that dissociates applications and databases, enabling design concepts for enterprise data integration that favor web services and brokenred messaging techniques.