Experian identifies four key themes to boost data-driven innovation and growth in 2021

New report offers perspectives about how the UK can become a world leader in data. Covid-19 pandemic has highlighted the huge value of data in tackling the big issues.

UK, January 14, 2021: Experian has today published a white paper offering ideas about how the UK can develop a world-leading data industry. It lays the foundations needed to create a culture of data innovation which will drive business growth as we emerge from the Covid-19 crisis.

The Data Debate: a forward view of key trends for 2021 uses the recently published UK National Data Strategy as a framework, highlighting four key areas that organisations should focus on in 2021 to help them succeed in a disrupted, digitalised marketplace. These are:

  • Consistent data standards.
  • Developing better data skills.
  • Improving the availability of data.
  • Demonstrating responsible data use.

Jonathan Westley, Chief Data Officer UK&I and EMEA at Experian, said: “The Covid-19 pandemic has highlighted the enormous potential of data to help overcome some of the world’s biggest challenges, informing critical thinking and guiding decision making. Emerging from the crisis, data will be a vital tool for organisations to understand shifts in consumer behaviour so they can deliver services in rapidly evolving digitalised markets.

“We are not going back to the way we were before. If businesses are to survive the immediate fallout from the pandemic and thrive in the future, they must understand their new, post-Covid landscape.”

The report highlights new insights which should be front and centre of our thinking as we work towards building a world-leading data industry in the UK:

  • Data standardisation will be imperative to organisations unlocking the value of their own data, and ultimately entering the data ecosystem. This must be driven at an organisation, industry and national level.
  • Developing data skills and creating a data literate workforce will ensure that data knowledge is not concentrated on a few experts within the business and empower a greater number of employees to unlock data’s true value.
  • ‘The consent equation’ will help organisations assess people’s willingness to share their information. If the value outweighs the risk, they will be more inclined to share.
  • Privacy-preserving technologies will give people the confidence to share their data, and businesses access to the rich datasets needed to innovate. Personal data vaults, zero trust data sharing and synthetic data are all technologies that will start emerging in the future.
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The paper also identifies three future data trends that Experian believes are closest to fruition in 2021. These include:

  • Standardisation driving the growth of data marketplaces and data as a service, and in doing so, improving data availability.
  • Responsible use of data will be at the heart of the operationalisation of artificial intelligence, machine learning and natural language processing.
  • The return of the business as a data steward.

“As the world becomes ever more connected, the sheer volume, range and variety of available data will continue to grow at a substantial rate,” adds Westley. “The ability to analyse and use it in the right way will show us its true value.

“We’re seeing increased standardisation, better all-round data skills developed, consumers becoming more motivated to share their data and safeguards put in place to maintain their long-term confidence. It’s time to deploy data in new, innovative ways that will create a vibrant UK data economy.”

You can read the full white paper here.

-ENDS-

Media contacts:

Joseph Green, PR Manager, Corporate & Business, UK&I, Experian

Tel: +44 (0)7812 737 768 / E: [email protected]  

Polly Robinson, Associate Director, Brands2Life

T: +44 (0)20 3927 5894 / M: +44 (0)7930 604 192 / E: [email protected]

About Experian

Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.

More:  How Much Does Credit Repair Cost?

We have 17,800 people operating across 45 countries and every day we’re investing in new technologies, talented people and innovation to help all our clients maximise every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.

Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.

Experian identifies four key themes to boost data-driven innovation and growth in 2021

New report offers perspectives about how the UK can become a world leader in data. Covid-19 pandemic has highlighted the huge value of data in tackling the big issues.

UK, January 14, 2021: Experian has today published a white paper offering ideas about how the UK can develop a world-leading data industry. It lays the foundations needed to create a culture of data innovation which will drive business growth as we emerge from the Covid-19 crisis.

The Data Debate: a forward view of key trends for 2021 uses the recently published UK National Data Strategy as a framework, highlighting four key areas that organisations should focus on in 2021 to help them succeed in a disrupted, digitalised marketplace. These are:

  • Consistent data standards.
  • Developing better data skills.
  • Improving the availability of data.
  • Demonstrating responsible data use.

Jonathan Westley, Chief Data Officer UK&I and EMEA at Experian, said: “The Covid-19 pandemic has highlighted the enormous potential of data to help overcome some of the world’s biggest challenges, informing critical thinking and guiding decision making. Emerging from the crisis, data will be a vital tool for organisations to understand shifts in consumer behaviour so they can deliver services in rapidly evolving digitalised markets.

“We are not going back to the way we were before. If businesses are to survive the immediate fallout from the pandemic and thrive in the future, they must understand their new, post-Covid landscape.”

The report highlights new insights which should be front and centre of our thinking as we work towards building a world-leading data industry in the UK:

  • Data standardisation will be imperative to organisations unlocking the value of their own data, and ultimately entering the data ecosystem. This must be driven at an organisation, industry and national level.
  • Developing data skills and creating a data literate workforce will ensure that data knowledge is not concentrated on a few experts within the business and empower a greater number of employees to unlock data’s true value.
  • ‘The consent equation’ will help organisations assess people’s willingness to share their information. If the value outweighs the risk, they will be more inclined to share.
  • Privacy-preserving technologies will give people the confidence to share their data, and businesses access to the rich datasets needed to innovate. Personal data vaults, zero trust data sharing and synthetic data are all technologies that will start emerging in the future.
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The paper also identifies three future data trends that Experian believes are closest to fruition in 2021. These include:

  • Standardisation driving the growth of data marketplaces and data as a service, and in doing so, improving data availability.
  • Responsible use of data will be at the heart of the operationalisation of artificial intelligence, machine learning and natural language processing.
  • The return of the business as a data steward.

“As the world becomes ever more connected, the sheer volume, range and variety of available data will continue to grow at a substantial rate,” adds Westley. “The ability to analyse and use it in the right way will show us its true value.

“We’re seeing increased standardisation, better all-round data skills developed, consumers becoming more motivated to share their data and safeguards put in place to maintain their long-term confidence. It’s time to deploy data in new, innovative ways that will create a vibrant UK data economy.”

You can read the full white paper here.

-ENDS-

Media contacts:

Joseph Green, PR Manager, Corporate & Business, UK&I, Experian

Tel: +44 (0)7812 737 768 / E: [email protected]  

Polly Robinson, Associate Director, Brands2Life

T: +44 (0)20 3927 5894 / M: +44 (0)7930 604 192 / E: [email protected]

About Experian

Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.

More:  How Much Does Credit Repair Cost?

We have 17,800 people operating across 45 countries and every day we’re investing in new technologies, talented people and innovation to help all our clients maximise every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.

Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.


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