Our business world is increasingly determined by data. Open source and data standards such as Gaia-X enable the trustworthy use of data based on European values. Interoperable Data Spaces based on a federated Cloud infrastucture are the enablers of the next level of the digital transformation in different sectors and are the basis for creating value out of data using generative AI. The presentation will demonstrate the basic concepts, highlight real world examples including their benefits and will also illustrate the cross sector collaboration as well as an approach for a global collaboration based on Data.