Fabrice Toco and Laurent Lafaye, Dawex’s Co-Founders and Co-CEOs speak about the opportunities that exist with the adoption of digital transformation
What will be the next big thing in technology in 2020?
Digital transformation is high on the agenda for the region. According to IDC, related spending is expected to double from $20 billion in 2018 to $40 billion by 2022. Of course, the region continues to expand in fields such as mobile, cloud and IoT, but the most recent developments have probably been with the use of AI and blockchain technology.
The common denominator for all these established or emerging technologies is data. The initiative launched by Smart Dubai for the implementation of the new frameworks and technologies for developing ethical Artificial Intelligence, facilitating data initiatives, implementing blockchain technology, is a perfect example of exciting development in the Middle East’s tech landscape.
How are you and your company gearing up to explore the opportunities in 2020?
According to Boston-based research firm Eckerson Group, 2020 will be the year of the Data Exchange. One of the top data pain points for data analytics teams has been finding, evaluating, purchasing, and integrating external data, whether from commercial data sources or open data repositories. Additionally, IoT, AI, cloud and 5G technologies are fueling the data economy.
Data is a strategic asset that dramatically increases its value when it can be easily and securely exchanged between multiple business entities, internally and externally. Building trust between the stakeholders engaged in the transfers. Organization’s ability to engage in data exchange unlocks the value of enriching internal data sources with external ones to create the insights their business needs and to untap new revenue opportunities from their data.
This is where Dawex technology comes into play. Dawex data exchange technology allows organizations to orchestrate data circulation by sourcing, exchanging and monetizing data securely and in full compliance with regulations.
What sort of challenges do you foresee for 2020?
The importance of the data economy is now increasingly well understood by key decision-makers, and the questions we get from them are now less about “why should we implement a data exchange or monetization strategy”, but rather about “how do we move forward?”
In addition to providing the most advanced data exchange technology, Dawex will spend more time in 2020 in helping client organizations organize their processes, address key questions such as identifying which data has the biggest valorization potential, who might be interested to access it, and why, implementing pilot projects and deploying successful data exchange businesses at scale.
Which markets will be your main targets for business and regional growth in the upcoming year?
Data exchange is by definition a global matter and Dawex has been engaging with organizations around the globe. We are looking at establishing Dawex presence in the Middle East in 2020 in order to support our customers, accelerate our business growth in the region and the development of the data economy. The region has demonstrated its understanding of the positive impact and benefits of building data strategies and has been welcoming the most advanced companies offering blockchain and artificial intelligence cutting-edge technologies.
The Middle East is extremely mature when talking about data. Dawex expertise is to enable organizations and enterprises to orchestrate data circulation and our data exchange platform accelerates secure data trading in the Middle East region.
What sort of technology trends can we look out for in 2020?
Digital transformation brings a lot of potential benefits to the region, fueled by the mass adoption of connected digital technologies and applications by consumers, enterprises, and governments. It brings also security-related risks that could undermine – if not addressed properly – the confidence the government, the business sector, and civil society have in digitization, and jeopardize the attainment of its promised benefits.