The perpetually expanding pool of global data is expected to grow from 33 zettabytes (ZB) in 2018 to approximately 175ZB by 2025. For data and analytics leaders, analyzing and using this data in beneficial ways could become an insurmountable challenge without the ability to securely share data and insights between teams and organizations. Here are 10 ways your organization can weave data collaboration practices into its 2020 data and analytics strategy.
1. Build an internal governance framework for data collaboration
Many businesses that only collect and analyze data in silos are starting to realize that they can sometimes be blind to game-changing customer insights.
Connecting your data with that from other departments and organizations can bring valuable new context and perspective, enabling everything from more personalized marketing experiences to new products and services. A data collaboration governance framework can define the collection, storage and strategic use of data across the organization without commercial or privacy risk.
2. Understand joint customers in subsidiary or corporate group brands
Many partner organizations understand that there can be significant crossover of joint customers between them, but lack a way to measure the accuracy and dimensions of this customer list. New data matching and analytics technology makes it possible to match overlapping customer datasets without exposing customer PII. This can help to surface previously hidden customer attributes, leading to profitable new brand partnerships and cross-selling opportunities.
3. Enrich customer intent data with external data for improved personalization or rewards
One of the biggest emerging trends is marketing a product or service based on a person’s intent to buy. Without a linear path to purchase, this intent data can come from a rich variety of sources both inside and outside the organization. With the ability to connect this data with reward and loyalty program data, you can more accurately predict the customer’s needs and earn their ongoing behaviors.
4. Test AI/ML tools on your data
From Siri to self-driving cars, AI and machine learning are transforming the world as we know it. The true innovators will be the organizations that can take advantage of AI algorithms by training the models using rich data needed to learn and improve. A data collaboration and governance platform, such as Data Republic, allows an organization to test and pilot its AI projects in a quarantined environment using real data. Once trained and validated, AI can be deployed into business production environments with the confidence it will be successful.
5. Partner with a startup to test new delivery models for products and services
Do your best ideas quickly get lost in the corporate bureaucracy machine? A data partnership with a startup can help an organization innovate and achieve its digital transformation goals. With the help of a secure data sharing platform, you can incubate and scale partnerships while retaining control of licensing, privacy and commercial risk.
6. Host a datathon with data science talent at a university
Sometimes you’ll need to look outside your organization for that extra creative spark to boost innovation or help solve big problems. A secure data sharing platform such as Senate allows you to securely host datathons or hackathons with top external data talent, where real problems can be solved using real data.
7. Explore data for social good use cases with a not-for-profit
It’s always been our belief that better use of data can improve the world not just for corporates, but for society as a whole. Does your organization hold data that might benefit not-for-profits and charities? A secure ‘donation’ of anonymized data can go a long way in helping worthy social projects.
8. Pool data with other industry participants to solve sticky industry problems
What if you could pool your data with other players in your industry to solve bigger problems for your customers? Eliminate flawed industry benchmarks and models by pooling data with industry partners. Using the Senate platform, de-identified and aggregate industry data can be shared for the common good with appropriate data governance and security controls.
9. Build Data Products & services for institutional or B2B clients
Collaborating with other businesses, institutions and government organizations can bring together diverse ideas, expertise and specialties that expand your network and create opportunities for new data-driven products and services. Using Data Republic’s modular legal framework, you can achieve secure, customized data sharing depending on datasets, partner type and agreed use.
10. Think bigger than a one-off program and build a data ecosystem strategy
Without a clear data governance framework your business is exposed to significant risk when it comes to sharing data. Data Republic allows you to create data governance structures that define data collection, ensure its secure storage and position it as a strategic asset. This gives you a launching pad for a pipeline of securely managed data sharing projects, in a growing ecosystem that already includes hundreds of public and private organizations.
Need data collaboration that is secure, auditable and scalable? Make the above and more possible with Data Republic.