The future is indeed digital.
Data is increasingly driving the manufacturing sectors, as data and analytics play a crucial role in unlocking value. And over 70% of manufacturing executives consider advanced analytics to be more important than three years ago.
Through Baker McKenzie's participation in the World Economic Forum project; Unlocking Value of Data Sharing we have learnt that whilst many companies may have a good grasp of unlocking value from their internal data, that the legal risks of data use and sharing are not widely understood or on the radar of decision takers. Moreover, there can be a gap between the business/technology team and the legal function.
Many companies struggle with establishing the frameworks and foundations necessary to manage their data and launch the opportunities provided by digital transformation. Strategic conversations across corporate functions are particularly critical to ensuring a balance of business purpose, risk management, and maximizing benefits of data while an enterprise establishes or refines its data use frameworks and controls. Once an enterprise has established its own frameworks, it can also explore data sharing between companies and organizations, which can also have a multiplier effect in unlocking value.
We regularly work to assist our clients with identifying and mitigating risk with a view toward facilitating the opportunities presented by data-driven transformation. In order to assist our clients and our discussions with clients, we created an interactive tool, The Data Business Booster, that is aligned with the legal framework for some of the key considerations presented by additional use of data, specifically with respect to antitrust, intellectual property and data protection. This innovative tool allows clients to self-test their readiness, from a legal standpoint, to enable unlocking additional value from data.
To discover more about the benefits and the role of data within the Industrials sectors check out our Insight plus article: International: The Data Business Booster: Rate your organization's data ecosystem readiness, to enable opportunities and manage risk.
To experience the benefits and discuss your organisations risk and opportunities, reach out to a member of our team to arrange a consultation.