Open Finance
5
min of reading
May 13, 2022

Open Everything? Calm down, we can explain!

Vera Jordão
Technical Writer
Technical Writer at Sensedia
More about the author

Text by Julia de Lucca and Vera Jordão

Living electrical entities that connect, form networks, store, and transmit knowledge. Those are our neurons. But it could also be the representation of the digital integration, knowledge production and data sharing environment that is growing on an exponential scale in the cyberworld. 

In the business world, Open Everything is the integration movement that, while respecting security regulations and guidelines, such as data protection laws, opens and shares information from various niches, such as financial, health and education institutions, insurance companies and also customers who allow it.

Do you want to better understand this model that already raises discussions for both the present and the future? Read on.

Open Everything objectives

This model has two main objectives

  1. expand the market in which these industries operate, enabling greater publicity and personalisation of their offers;
  2. guarantee the consumer greater choice and purchase power, refining the law of supply and demand.

In addition, Open Everything seeks to bring a fully connected model of society in just one ecosystem. When we talk about this type of integration, we include sectors such as finance, investments, health, insurance, energy, among others that may arise. The future is open!

Everything will be, regardless of whether it is a public or private sector body. Through the open model, all institutions will be able to talk to each other and thus evolve their financial opportunities, offers and employee experiences. In addition, of course, to a higher quality for users and customers.

When a certain market segment starts to carry out its strategies within an Open model, it is possible to take another step in the evolution of the business, as the range of offers becomes larger and more complete for all users.

When we talk about Open Everything, we also talk about the democratisation of offers in all spheres of the market of society, which from then on can have access to a larger network of services. All this generates financial return, publicity and more credibility for the companies that adhere to this strategy.

To understand in practice: if a person is in hospital care and needs to carry out some medical procedure urgently, the path between the hospital and their health plan can be made in a few minutes. This shows a union between a medical network integrated with Open Health and an insurance company within Open Insurance. The intersection of this data with that of other sectors, with agility and security, is what characterises Open Everything.

It is worth emphasising that no data is opened without the proper authorisation of its holder and no institution is part of the system without the proper seal of the regulatory bodies. 

Challenges for Open strategies

We have seen that Open strategies have well-established objectives and that they are a great possibility for the future of business. And just like the strategies, the market challenges are also clearly identified: 

  • evolution of strategic alignment and digital integrations for ecosystem innovations
  • shortage of resources and talent
  • unlocking systems and data with the correct level of governance
  • delivery of quick-win projects, in parallel with the creation of best development practices

All of these demands for innovation impact the drive of new revenue streams and new business models mentioned earlier. 

So that institutions can prepare themselves with excellence in facing these challenges, and take the forefront of expertise and innovation in the Open world, the ideal is that the first steps are taken now, while this model is still in the initial implementation process.

For this reason, organising your internal systems and processes through interoperability is a fundamental step for your company to reach the Open model that is already capable of integrating with other networks and market segments. Being ready at the right time is the key to growing your business!

Shared data, from the perspective of good business, is not just data. Data is information, when located in a given context, and is primarily knowledge when mined with the most competent technology.

Knowledge is power: the power to map the market, to identify pain, to think of products and solutions, to validate them, to innovate, to transform! Open Everything is not the future, Open Everything is now!

Thanks for reading!