Updated: Aug 11, 2020
This article was originally appeared in ITProportal on October 22, 2019
Organisations can significantly increase the value of their data analytics by aggregating data with their partners to get deeper business insights. Imagine being able to run analytics over the data of all the organisations in your industry, or across market segments. While the possibilities of leveraging those insights from sharing data are significant, they also present some challenges and risks, specifically around data security.
Enter data collaboration, a relatively new concept in data management and data-driven analytics that is fast becoming a preferred tool for organizations big and small. All organisations listed on MIT’s 50 Smartest Companies use data collaboration. Data collaboration creates tremendous value in partnerships between organisations, as it allows multiple parties to access and combine data for business insights, without creating copies of entire data sets or having parties share confidential data.
Imagine you are a departmental store looking to grow your business and boost revenues. You know what your customers buy and how much they spend, but how do you get insights on what products they buy that you don’t currently sell? You could collaborate with a payments services provider for insights on what products customers buy that you don’t stock or what they buy from other retailers the day they visit your store.