The benefits of open data

The key resource in the modern business world is information, i.e., data used for making important decisions and planning. Despite being an intangible resource by its nature, its importance is no longer questioned. This is why organizations and institutions specializing in collecting, systematizing, and publishing essential information and data from as many countries as possible are expanding, especially in developed parts of the world. Developed countries and regions with strong business traditions are actively working on this, while post-socialist countries and those on the periphery and semi-periphery of global capitalism are lagging behind or completely falling behind.

For this purpose, so-called 'open data' has emerged, consolidating vast amounts of information from around the world. Open data is accessible to everyone for use, editing, and publication.

The application of this data is primarily observed in science, followed by healthcare, the work of business entities, government institutions, the civil sector, and more.

Open data is part of a global movement that not only advances science and scientific research but also transforms modern society and decision-making processes. Over the last decade, there has been significant progress in open data, primarily led by governments, due to the significant benefits it can bring.

In recent years, the importance of applying open data in healthcare has become evident. Population health information has a significant impact on strategic decision-making and the operation of healthcare institutions. The COVID-19 pandemic is a prime example, with data being regularly published on the number of cases and vaccinations to make clear strategic decisions regarding containment and treatment.

Another widespread use of open data occurs in the business and commercial sphere. Governments are also incentivized to participate in the collection and publication of open data since they benefit from this collaboration. The primary benefits relate to stimulating the economy to exploit this data for boosting economic growth and competitiveness. In this way, it also assists the private sector in making and executing business decisions. By engaging in this data exchange in the business sector, economic entities and governments enhance their position as they raise the level of trust and credibility in their data.

Open data requires significant resource investments for training people and building infrastructure, including software programs, high-capacity computers, and cloud-based solutions used for storing and analyzing large volumes of data.

While open data holds great untapped potential in the world and in our country, one of the main obstacles is related to the technological changes needed to establish a system for the development of such data ecosystems. Open data requires significant resource investments for training people and building infrastructure, including software programs, high-capacity computers, and cloud-based solutions used for storing and analyzing large volumes of data. Clear standards are also required to ensure transparency regarding data sources, generation, and storage.

Another hurdle to address pertains to social aspects. Not everyone is willing to share their data. Since data development demands a lot of work, time, and resources, people are uncertain whether they will receive proper recognition and benefits from sharing data with others. There is also concern that this data could be misused.

Reluctance to share data is often associated with legal and ethical questions. Who owns this data? Is there legal support for data exchange? In the fields of healthcare and business, in particular, concerns about preserving confidentiality and privacy are prevalent.

The potential of open data is enormous, and its application can be observed in all spheres and industries. Studies show that, in most countries, open data remains low on the list of priorities, especially in less developed countries.

Despite the financial, technological, and social barriers, developing countries greatly benefit from this type of data as it promotes growth and development across all sectors, including healthcare, the economy, science, education, and more.