Data is the lifeblood of modern businesses. From underwriting and risk assessment to compliance and strategic decision-making, organisations rely on reliable, high-quality data to operate effectively. However, the process of acquiring and integrating external data remains surprisingly cumbersome. Inconsistent agreements, regulatory uncertainty, and time-consuming due diligence cycles are the norm.
The consequences?
Stalled Progress: Lengthy contract negotiations delay projects and hinder innovation.
Legal Headaches: Ambiguities in licensing and compliance requirements pose significant legal risks.
Quality Concerns: Ensuring data accuracy, freshness, and provenance is a constant challenge.
Procurement teams work tirelessly to navigate these complexities, but what if there were a better way? What if a global ISO standard could streamline the entire data procurement process?
The Current State of Data Procurement: A Labyrinth of Challenges
Businesses today face a multitude of hurdles when sourcing external data:
Licensing Model Mayhem: Each supplier offers different terms, making it difficult to establish clear usage rights and redistribution permissions.
Regulatory Minefield: Ensuring compliance with GDPR, CCPA, and other evolving data regulations requires extensive legal oversight and resources.
Data Quality Rollercoaster: Determining the accuracy, update frequency, and origin of procured data is often a painstaking and uncertain process.
Due Diligence Delays: Conducting thorough legal and risk assessments for each supplier adds significant friction and slows down decision-making.
Data procurement professionals grapple with these issues daily. A standardised framework could dramatically improve efficiency and reduce risk across the board.
Envisioning the Future: An ISO Standard for Data Procurement
A global ISO standard could revolutionise data procurement by introducing a clear, structured, and universally recognised approach to data transactions. Imagine a world with:
Standardised Licensing: Universal agreements with predefined terms and conditions simplify contract negotiations and eliminate ambiguity.
Quality Assurance Benchmarks: A global standard ensures consistency in data accuracy, update frequency, and provenance, providing buyers with confidence.
Built-in Compliance: Procured data aligns with global regulatory requirements, minimising legal risk and simplifying compliance efforts.
Seamless Integration: Data is provided in structured, API-friendly formats with clear metadata, facilitating easy integration into existing systems.
Accelerated Procurement: Standardised due diligence processes allow businesses to move from evaluation to implementation in days, not months.
This would drastically reduce friction, accelerate innovation, and create a more efficient and trustworthy ecosystem for both data buyers and sellers.
The Benefits: Why This Matters Now
An ISO standard for data procurement would deliver tangible benefits:
Faster Onboarding: Businesses could move from contract negotiations to implementation much more quickly.
Reduced Legal Costs: Less time and money would be spent on repetitive contract reviews and legal consultations.
Enhanced Transparency: A shared framework would establish clear expectations and foster trust between providers and consumers.
Improved Risk Management: Best practices for due diligence and compliance would be codified, reducing overall risk.
AI & Analytics Ready: High-quality, structured data would be readily available to support machine learning and predictive analytics initiatives.
The Call to Action: Collaboration is Key
To make this vision a reality, industry leaders, regulators, and data providers must collaborate to define a framework that simplifies and de-risks data procurement. The benefits are undeniable: a faster, fairer, and more secure data marketplace for everyone.At Chimnie, we are strong advocates for data transparency, interoperability, and simplified procurement. We are eager to work with industry professionals to drive this initiative forward.
Are you ready to help shape the future of data procurement?
Contact us to share your thoughts, or let's start the conversation. [hello@chimnie.com]
Together, we can build a smarter, more efficient, and more trustworthy data ecosystem.
