Managing and Optimizing Data Exchange

Data exchange brings document management system together disparate systems, making it possible for them to communicate with each with one another. This can facilitate a variety of business use cases, and aids in the development of effective collaboration between teams and customers.

Companies of all sizes and across all industries could benefit from best practices that facilitate seamless exchange of data. This lets them improve their data acquisition process and to make their data assets more valuable to improve decision-making processes, boost innovation, and facilitate interoperability. There are some obstacles to be aware of, such as data inconsistencies or lack of transparency.

Many companies are creating new revenue streams via data exchange, which is bringing in additional income and improving their operations. For instance, weather data providers like AccuWeather generate revenue by putting their repository of historical and predictive data on data exchange platforms, where they are able to reach a broad spectrum of data consumers ranging from industries like agriculture to event planners.

Optimizing and managing data exchange requires a thorough review of the current processes and the development of an enterprise-wide data management strategy. This should include a clear knowledge of the value data exchange can bring as well as the requirements and expectations of the various stakeholders, as as the capabilities of existing data sources. It should also include an integration strategy that is flexible enough for future requirements and opportunities, and can adapt to technology changes. Idealy, it should also include an architecture that decouples applications and databases, which will help support design patterns for data integration in the enterprise that favor web services and brokered messaging.