Depending on the industry in which your business operates, you likely already have an understanding of what collaboration platforms are. Everything from Basecamp to Slack acts as a hub where users can join groups, set up and complete jobs, and collaborate on projects. However, when data is the focal point of such collaboration, privacy is paramount.

What is a data collaboration platform?

A data collaboration platform works in a similar way to other collaboration tools. It’s a centralized repository where data inflows combine and allow authorized users to draw on information, knowledge and insights. This means enterprises can gather data they have never had access to before, all while the information is housed in a secure platform that protects all participants and aligns with territory-specific regulations.

An example of a high-quality data collaboration platform is Data Republic’s platform. It mitigates complex issues like multi-party data sharing by employing end-to-end data governance – from legal terms to user access and dataset licenses.

Data aggregation can inform your decision-making

Data aggregation is corporate terminology for what is essentially a simple process: the gathering and storing of data for the purposes of gleaning valuable insights. The outcome of those insights will vary based on a number of factors, such as the industry, the source of data, its intended use and of course the data itself.

The bottom line is that data aggregation is a valuable commodity for future decision-making. With most enterprises collecting and storing reams of data on-site for various purposes – though usually to benefit their bottom line – it’s clear that data is a prized possession that can keep any business competitive.

So what happens when you take that solitary data collection to the next level? You invest in a data aggregation service that connects you with similar (or vastly different, depending on your data requirements) users so you can share data to help inform better decision-making over the long term.

Not all services are created equal, but an intelligent data aggregation platform will compile the data in a user-friendly and accessible way so business leaders – no matter their technical competency – will be able to pull the information they desire and receive it in a way that is prepared and ready for processing.

Making data collaboration services work for you

Now that businesses across disparate industries are getting informed about the power of data sharing – and its reduced risk when using a powerful and secure platform – data collaboration services are finding themselves in demand.

So how can you ensure the data collaboration services end up working for you, rather than simply being another financial commitment that doesn’t deliver a long-term return on investment? It’s all about how you use the platform.

The first step is scouring the market and understanding exactly what type of data collaboration services will best complement your business and your data aspirations. Then, it’s important to speak to your chosen vendor to decide on a plan that matches your needs and data sharing strategy.

The data you collect, as well as the data other businesses house, needs to have a purpose. Without one, that information can sit idle until it is no longer the valuable resource it once was. That’s a lost opportunity, so ensure you take advantage of the exciting data sharing movement by seeking out and adopting your ideal data collaboration platform.