Fintraffic

What are the challenges that you have seen in the space?

I believe we require more data to analyze, optimize automate business processes in traffic. We're shifting away from looking to the past and instead making predictions and recommendations. The amount of data being collected from vehicles and infrastructure has greatly increased, which of course calls for interoperability. Even though the data is made available, it must be in a format that makes using it as simple and inexpensive as possible. And that’s why we have established Open Traffic Data Ecosystem in Finland where we are resolving these issues together with many market stakeholders.

What are some of the key things that people should watch out for?

The problem with our sector is that the amount of data is insufficient. You must have information from many sources and parties, including e.g. companies, cities, and citizens. Even though Finland is a small country, there are countless numbers of stakeholders whose data must be aggregated, consolidated cost-effectively, and made available securely while taking privacy rules into account. This necessitates a shared vision, aim, and consent to share the data.

"We are aggregating, managing and delivering mobility data to accelerate digital transformation in traffic"

Hence, interoperability requires infrastructure and conventions that is in place for e.g. data exchange, performing authentication, and performing authorization that is supported by data models, APIs, and specific kinds of architectures. Also, it requires a legal agreements to ensure fair data economy. You can't rely on one-to-one agreements only because there are thousands of players. So, you need to rethink governance using a hub-and-spoke approach.

*What are some upcoming technological advancement you're excited about?

First, all modes of transportation are getting more intelligent. For example, vehicles are communicating with one another and infrastructure as they collect data from various sensors, transmit it out, and have edge computing capabilities. As a result, there is an increasing amount of data, which opens up new opportunities for analysis, optimization, automation, and the development of new business models. Hence, a significant amount of new opportunities arise.

Also, keep in mind that the traffic industry lags far behind many other sectors, such as finance, banking, media, telecom, and so forth. However, there will be a fundamental shift when more automated or ultimately fully self-driving vehicles enter the market. Data sharing will greatly increase, and whole new economic models will develop. In terms of traffic and logistics, there will be a lot of changes in the upcoming years.

How do you manage such a vast ecosystem when talking about data, IoT systems, and automobiles being able to communicate with one another?

In Finland, we have successfully established a traffic data ecosystem. There are more than 160 organizations participating in it. Basically, it is open for everyone. We have a governance model in place where decisions are made within working groups on various subjects, e.g. logistics, situational awareness, and public transportation-related topics, as well as topics relating to agreements and EU cooperation. We intend to advance these topics within the working groups. This approach makes it quite democratic, inclusive, and we like to adapt international or European Union norms rather than creating new things from scratch. We are putting in place some infrastructure components that do not yet exist or are not being implemented by the players in the market. Hence, we are filling in the gaps left by the market.

What would be your single piece of advice to the upcoming CXO’s in the field?

In terms of traffic and logistics, there are lots of system-level issues. You must work together to find solutions since you cannot do it alone. And a lot of the issues are connected to interoperability on the business, technological, and legal levels, or how to get things to function together fairly and economically. You must seriously begin to consider open innovation at the ecosystem level. How do you alter the sector as a whole, not just yourself? And that calls for a lot more cooperation than has previously been the case. You should be focused more on how to become a faster learner if you want to achieve in the field and to leave your competitors behind.