Businesses have shared information with one another – for the benefit of both parties – for decades. But what if you could increase the benefits of data sharing . exponentially? With a data exchange platform, not only can you derive insights from external organizations, you can build your own data ecosystem.
What is a data exchange platform?
While some businesses create their own two-party agreements that allow them to exchange data with one another in order to create value for both participants, that’s barely scratching the surface of what the new data economy can offer. In fact, for enterprises that want to compete in a data-intensive market, they need to adopt modern strategies in order to leverage the true power of data sharing.
So what’s the solution? Multiple-party data sharing? That creates complications – including exponentially more dangerous legal issues – with every additional participant in the data exchange. Not only that, but data sharing between businesses without an expert intermediary can be a tedious and low-ROI initiative, so much so that it may not end up adding any value to your company at all.
A data exchange platform, on the other hand, is a ready-made system that allows your company to embrace the data economy and build a pipeline of data collaboration projects with partner organizations.
Features of a data exchange platform include:
- Discovery of datasets.
- Data license workflows.
- User access permissions and controls.
- Secure analytics environments.
- Privacy protection.
B2B data exchange
The beauty of a B2B data exchange platform – such as Data Republic’s Senate platform – is that it helps organizations reap the benefits of data (including their own) without the inherent risks associated with customer privacy and data security issues.
Using a data exchange platform streamlines processes, security and legal setup for data collaboration projects. Instead of needing to create a bespoke technical solution to perform the exchange of datasets, the platform facilitates the exchange and ensures governance is managed.
Secure data exchange
When considering the rise of data sharing initiatives in recent years, one question many in the C-suite are asking is: what about our security needs? This is especially true for multinationals and global brands, particularly in sectors that handle sensitive data or are more prone to external threats (e.g. hackers), such as banking, government and education entities.
That’s why the best and most secure data exchange platform for your needs will have broad governance baked into the system. Examples include modular legal frameworks, data licensing workflows, de-identification and PII protection, as well as quarantined analytics environments.
All this leads to a secure platform that can solve all the complex legal, data security and privacy barriers to entry – so your CDO doesn’t have to. This means they can instead focus on what’s most important: using the data exchange platform to derive real value for the benefit of your enterprise.