Data economy

Economic significance

“Data is the oil of the 21st century.” The comparison might be debated, but what is certain is that data is the foundation, driving force, and sometimes (particularly in the context of artificial intelligence) the very core of digital transformation. The availability of data and the capability to analyse it often determine the development of products and services, customer relationships, and production efficiency, thus contributing to competitive advantage.

Complex data regulation

Legislators have responded in many ways. The European strategy for data is intended to promote data sharing and reduce barriers to competition. This includes the introduction of new legal rules for the data economy. The EU Data Act is designed to remove horizontal barriers to access to data from connected products and related services, and to promote the interoperability of IT services from a technical perspective, while vertical sector-specific rules on data spaces are intended to facilitate collaboration. In all this, trade secrets must be protected. Any use of personal data must comply with data protection rules, with the GDPR setting the boundaries.

Opportunities and risks

These developments present both opportunities and risks. Identifying data that can be lawfully used, safeguarding access to third-party data by contract and the designing and developing data collection and use in legally compliant ways all help to improve the competitive position. On the other hand, breaching data regulations can render data that is technically available worthless, and can result in high administrative fines. Intra-group services must also be correctly charged for tax purposes to avoid tax risks.

We support you in:

• Assessing the lawfulness of data-driven business models
• Implementing data-driven business models and establishing and further developing data governance
• Implementing data regulations
• Harmonising with existing management systems for >data protection, trade secrets, and other standards