Building the ecosystem

Smart Data is a developing space with no definitive way to implement. However, ODI research to date suggests that there is an indicative roadmap that Smart Data Schemes can follow from the short run (building the ecosystem) to the long run (evolving the ecosystem). This was first articulated regarding the implementation of Open Banking, and has been adapted here to focus on innovation in Smart Data.

CDEI has developed a Smart Data Implementation Guide in parallel with the ODI Smart Data Innovation Guidebook, specifically focussed on ensuring the development of ethical and trustworthy Smart Data Schemes. Developing smart data in a way that provides benefits to consumers and SMEs will require action over a number of years from various stakeholders. From our initial research and engagement we recommend prioritising the following actions:

• Research the data landscape where a data innovation programme is being planned

• Convene the key stakeholder groups to co-design innovation programmes aimed at providing real value to those groups

• Assess the policies, capabilities and other data infrastructure that can properly support the innovation programme