Change in the construction industry is inevitable. Standards are changing, and the whole ecosystem is setting requirements for their peers in the industry. As the industry changes, the Eliminate Downtime Journey will as well. That is why we are setting our sights on the value of data sharing.

Together with the committee members, we want to co-create a blueprint for how we can share data as an industry. Trust and governance are factors to keep in mind when exploring this area. The goal will be to create an environment for value creation and exchange among industry peers, provide transparency on the use of data, and push the progression of the governance of data. 

To introduce the importance of data sharing and co-creation, we will take a look at two articles. They will examine the potential that can be unlocked when organizations are willing to share knowledge and data. Talent also plays a role in being able to share data and effectively co-create with others in the industry. That is why an article about talent in digital transformations also sparked my interest this month.

This Month's Key Questions: 
  1. What value will data sharing bring to your organization, and how it will help your business grow?
  2. How can data sharing contribute to co-creation in the industry?
  3. What does your organization’s IT department need to change to increase the value they bring towards your digital transformation?
 
 

THE VALUE OF DATA


HBR: "Unlock the Hidden Value of Your Data"


Although this newsletter often touches upon the importance of data industries and organizations are still learning how to effectively and efficiently share data. The value of data can be monetary. Yet, this only depicts one aspect of the created value. Data can benefit society by revealing insights or patterns that are not necessarily obvious. In this article, by Stefaan Verhulst, the author explores methodologies of measuring the value of data. The importance of creating a structure in which organizations should incentivize data sharing is also shared. Encouraging data collaboration and identifying talent that can develop these initiatives will unlock the value that data can unfold. 
 
 
INNOVATION THROUGH ECOSYSTEMS

MIT Sloan Management Review: "Accelerating Innovation Through a Network of Ecosystems" 


This article digs into how the United Nations Development Programme (UNDP) is able to collaborate across 170 countries with 17,000 employees. Although it is an unlikely source of inspiration for other industries and organizations, the UNDP is an example of how ecosystems can be utilized across departments, organizations, and industries to create innovative solutions. The authors initially highlight the fragmented efforts that the UNDP had tried to implement. Although these efforts were successful on a local level, they were not able to affect the whole organization. By scaling their efforts and creating a greater understanding of the organization's processes, they could launch projects that impacted the UNDP as a whole. It is an article worth reading that delves into the importance of implementing ecosystems.
 
 
THE IMPORTANCE OF TALENT IN DIGITAL TRANSFORMATION

HBR: "Digital Transformation Comes Down to Talent in 4 Key Areas"


While many organizations have taken on a digital transformation, the reality is that many have not been able to align the right talent to make it successful. This article takes a look at the four areas that are needed to succeed with a digital transformation. Technology, data, process, and organizational change capability are the areas where an organization will need specialized talent. People play a large role in digital transformation and will determine its success. Although having this talent in a team does not ensure success. Not having this talent will most likely lead to failure. The authors introduce the idea of the IT department. The IT departments will need to increase the value they bring to the organization and specifically to digital transformation. They will need to alter how they have previously worked to be able to follow the agile changes that are taking place in the rest of the organization. It is clear that without talent in technology, data, process, organizational change capability, a digital transformation will most likely not succeed.
 
 
If you are interested in the future of data-sharing and want to know more, you can take a look at our most recent blog post. We uncover some examples of data-sharing that have shaped the future of their respective industries, how success rates increase through data-sharing, and how we plan to co-create the blueprint for data-sharing. Read our vision below. 
 
 
Through collaboration and partnerships we can get closer to our goal of eliminating downtime by 2025. 

If you have any great reads, please share them with me at: sb@trackunit.com

- Søren Brogaard, CCO Trackunit
 

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