What is data collaboration?
Data collaboration is the process of analysing isolated datasets to gain the combined insight.
It can be used internally to combine siloed datasets, and externally to collaborate with other parties on initiatives without sharing sensitive data. Data collaboration enables organisations to co-operate with partners and competitors in a trusted environment.
Data is information and the more that information is shared, the more the knowledge grows and the more interesting it becomes. The data collected by organisations is insightful and valuable, and should be utilised to meet customer demands and create business growth.
The competitive edge gained through data connectivity can be seen through subscription services. These disruptive businesses are able to demonstrate a higher level of customer understanding, as they know exactly who their customers are, what products they like and how they can be up-sold.
For a long time, Gillette were the clear market leaders in the male grooming industry, but even they have been disrupted by Harry’s and Dollar Shave Club, with their less expensive products, innovative subscription services, convenient home delivery, and quirky ad campaigns.
Success is no longer achieved solely from branding, it’s achieved from personalising experiences to exceed customer expectations. Subscription companies have been so disruptive as they have access to more data around consumers and can personalise their experiences, marketing and products.
For companies with different business models, that aren’t able to create a 360 degree customer view, data collaboration offers a solution to enrich customer understanding and gain an advantage over competitors.
New data collaboration platforms, such as InfoSum Link, allow companies to collaborate over insights quickly and affordably.
By working with a partner, or even a competitor, an organisation can access broader and deeper information about their audiences, without the risks associated with data sharing.
This creates the opportunity to access new information and insights about customers, and better tailor services and offering to satisfy demand.