Obuda University Forms Partnership with Market Players to Develop a Pioneering Data-Driven Economic Model in Europe

The goal of this unique collaboration, both in Hungary and Europe, is to create a market-based data asset management model that integrates artificial intelligence through joint research and development activities, announced Obuda University at the public event of the Hungarian Innovation Association held on April 30, 2024. Within the framework of the project, the institution, along with selected processes of the Zsámbék Scientific Innovation Park, will transition to paperless operations. However, the commitment is of much greater significance: by extending these developments, the institution and its partners aim to demonstrate that it is possible to shift from a money-centered operation to a data-driven economic trajectory at the national level. Through this collaboration, the partners could establish exemplary practices that are instructive even on an international level.

Forecasts indicate that by 2025, the amount of data created, recorded, copied, and used globally will expand to more than 180 zettabytes, continuing the exponential growth that has been further accelerated by the digitalization wave due to the pandemic. Along with this, the significance of data has also evolved to a new level; today, no organization or enterprise can exploit its full potential without systematic data management and analysis practices. Data has thus become a sort of economic unit of measurement, which will be the basis and benchmark of all our activities in the future – those who learn to use it accordingly as soon as possible will gain a significant advantage.

Value in Data – We Can Set an Example for Europe

The strategic collaboration involving Obuda University, DATAIT Ltd., and International Mergers & Acquisitions Hungary Ltd., and in cooperation with the developing Zsámbék Scientific and Innovation Park, aims to research and develop the foundations of the data-centric economic model and the legal, IT, and economic steps leading there into a practical, functioning concept. At the public signing of the agreement, the parties emphasized that this effort is in full alignment with national economic goals related to data assets, for which the government has already established the National Data Asset Agency and the National Data Economy Knowledge Center.

There are numerous international initiatives; the World Economic Forum declared the significance of the data-driven economy for the future as early as 2021, and China recently announced it would accelerate the lawful and efficient use of its data assets to exploit their full potential. The challenge is therefore more relevant than ever, and the agreement now formed can provide guidance on a European level by bringing together academic research capacities and market expertise on a common platform.

Obuda University Continues Paperless

There is widespread agreement that initiating the domestic digital and data economy ecosystem could set our country on a new path in both macro- and microeconomic terms. This is also linked to another important strategic area: the transparent and secure integration of artificial intelligence-based solutions. The goal is for administrative units, businesses, and individuals to actively participate in utilizing data assets in a way that allows them to credibly represent themselves in the digital space.

During the collaboration, institutional testing of the AI-based, authentic data asset utilization and document management system developed and operated by DATAIT Ltd., as well as the data asset evaluation methodology developed by International Mergers & Acquisitions Hungary Ltd., will take place. This means that authentic data assets and their AI-ready use will also be important aspects during asset evaluation.

One of the key elements of the collaboration is the planning and practical implementation of Obuda University’s paperless processes, using the experience gained to design and market business processes. “The focus of our joint work is to map out the digital data assets of our institution and integrate them into an AI database, including the complete paperless handling of contractual and financial processes arising in adult education. We believe this collaboration is of great significance, and thanks to the research capacity available at our institution and the extensive experience of our expert partners, we can indeed lay the foundations for authentic, AI-based data asset management in our country,” said Prof. Dr. Levente Kovács, Rector of Obuda University.

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