Like any new business practice, there must be adequate structures in place to protect the participants as well as allow the companies to extract as much value from the process as possible. So when it comes to businesses sharing data for the benefit of all stakeholders, it’s vital there is a solid data exchange framework in place.
Data exchange framework – explained
There’s nothing complex about a data exchange framework – it is simply that: a framework. It’s what goes on within that framework that may at first challenge those who are unfamiliar with the data economy.
Think about it as essentially an outline that clarifies how shared data will be exchanged, what parties are involved, what (if any) restrictions there are, and how long the data exchange should last.
In a nutshell, it’s a framework that describes how the transfer of data will occur between two or more participants. You can then use that framework as a guide for pulling data from third parties (and vice versa) in order to derive serious value for your own company.
Data exchange policy
Not to be confused with the basic framework, a data exchange policy is the supporting written manual that describes the approach to the proposed data exchange, as well as the protocols that must be maintained for the successful application of the data sharing.
Depending on whether your enterprise is implementing this data exchange from scratch, or if you are using a dedicated data sharing platform such as Data Republic, there may already be a data exchange policy in place – one that can be adjusted according to the unique needs of your proposed data exchange.
There are a number of data exchange policy examples online that can help you build out a generic template. You can then populate it with relevant information once you are at the stage of finalizing all the details of your data sharing initiative.
Data exchange framework example
Again, finding the right data exchange framework example will help you build out your own version of the framework – one that will meet your needs better than a dedicated example for, say, Sitecore or another technology organization.
However, for the purpose of this explanation, let’s stay with Sitecore and consider what is included in their own variety of data exchange frameworks. Without diving into the complexities of specific framework subcategories, you may want to include the following sections within your own data exchange framework:
- The names of any and all participants in the data exchange.
- How the data can be accessed – and from where – as well as which steps to take to pull that data.
- Campaigns (and relevant pipelines).
If you’re unsure what some of the above actually mean – or if you would simply like to know how to start creating your own data exchange framework – it’s recommended you speak to a data sharing expert who can help you formulate your own framework.