WEF Develops Framework to Transition Colombia to Data-Driven Economy

The Centre for the Fourth Industrial Revolution and a multistakeholder community have developed a technology and governance framework for trustworthy and commercially sustainable public-private data exchanges in Colombia. This new public-private resource will give individuals greater control over how their data is used and serve as a means for responsible value creation.

The multistakeholder community comprises more than 150 business leaders, academics and policy-makers in 60 organizations from 25 countries. It was led by PwC Colombia, the Colombian government and the World Economic Forum’s Data for Common Purpose Initiative (DCPI).

Benefits of Data-Driven Economy

The group put together a framework that supports Colombia’s national digitization strategy as part of a broader effort to transition from a traditional to a data-driven economy as data exchanges will play a pivotal role in facilitating this transition. Creating a governance structure that makes them sustainable both technologically and ethically is essential.

With rising energy costs, disrupted supply chains and rising concern for the environment, the urgency and necessity to act on data-driven insights grows. Officials and private sector experts will focus their initial efforts to address the net-zero transition within the Colombian energy sector and apply utility-based, data-insight models to the energy sector. The insights and best practices will be applied in other sectors over time.

Toolkit for Meaningful Trust

One of the main challenges in implementing a sustainable, equitable and accountable data strategy for Colombia is strengthening trust in the use of data. According to the recent Fall 2021 Visa, Inc. Consumer Empowerment Study of the connected population in Colombia, only 9% of connected Colombians feel entirely in control of their data, and 89% want at least the option of more control over how their data is used. In response, with Visa International as a co-creator, a new toolkit was designed to strengthen trust via new consent mechanisms.

The DCPI aims to build meaningful trust with citizens by highlighting the importance of individuals’ consent to use personal data within public-private data exchanges. By providing a clear roadmap for policy-makers to co-design these collaborative exchanges, the underlying data economics can be addressed in the early design phase to ensure sustainable commercial value is created over time.

With the erosion of trust throughout the digital ecosystem – putting control back into the hands of the individuals has become a global priority. Clear, consistent and granular consent mechanisms are foundational for driving meaningful change in data-driven insights and the decisions that come from them. The mutual exchange of strategic digital assets and insights, such as carbon emissions and energy usage indicators combined with an underlying framework for strengthening and maintaining trust, is central to creating a sustainable and inclusive digital ecosystem.

In the first half of 2022, a toolkit will be published on strengthening trust through individual consent experience. The focus is on enhancing the consent of individuals in terms of how data is internally governed within an exchange, the commercial interactions with the user and the underlying technology architecture. The toolkit is being piloted by C4IR Colombia and the City of Medellín as they examine several models for public-private data exchanges in 2022.