IDS standard recommended by the World Economic Forum

Mar 5, 2020 | News

New White paper on data sharing published

When it comes to a secure and sovereign data management between companies, IDS is an indispensable standard. This is one of the findings the World Economic Forum presents in its whitepaper “Share to Gain: Unlocking Data Value in Manufacturing”.

The factory of the future runs on data. As manufacturers increasingly use digital technologies to enhance their production and supply chains, they need to effectively apply and manage their data. Until now, this has mostly been done within a company. But to unlock additional value, data must be shared across companies. The new white paper “Share to Gain: Unlocking Data Value in Manufacturing” by the World Economic Forum investigates the application domains that can benefit from data sharing across companies. The WEF recommends four reference architectures for sharing data in manufacturing – and IDS is one of them.

IDS standard solves market obstacle

According to the WEF, the total value that companies can create in five key areas of data sharing, such as enhancing asset optimization or tracking products along the value chain, is estimated to be more than $100 billion. But the major barriers to data sharing in industry are the lack of interoperability and the fear of unintentionally giving away sensitive data about the business or losing a competitive advantage.

The IDS standard solves these obstacles. It guarantees data security and data protection for all parties involved, establishes mutual trust among them, ensures a level playing field by means of a jointly developed and commonly accepted design, and enforces data sovereignty for data owners. It enables trading data based on ethical principles and common European values.

The IDS standard thereby constitutes the basis for developing and offering smart services and for establishing innovative business processes. This is the key to overcome market obstacles, not only to the World Economic Forum but also for manufacturers that want to unlock additional value from data sharing.

For the White Paper “Share to Gain”:

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