Using ‘Data-Sharing’ to Make Smarter Decisions at Scale
When I think about the winners and losers of data & analytics initiatives, a pattern becomes crystal clear: the companies who have invested in a self-service, trust-based, data-driven culture outperform their cohorts.
As I dive in, I’d love to hear “what advice you may have for making smarter decisions at scale in your organization?” – please chime in in the comments!
The culture of data sharing is becoming the new differentiator. Data sharing is more than just sharing files, reports and dashboards with your peers. There are different data sharing models, both within the organization and with external stakeholders, and technical requirements to support them. What exactly are they?
- First Party Data Sharing: First Party data is internal, proprietary data that’s not meant for external consumption, such as visitor activity on your own website. First Party data tends to be siloed and stored in multiple, business process specific data stores. By adopting a “data as a service” strategy, organizations can promote autonomy through self-service and free up business users to focus on improving business performance rather than wrangling data.
- Second Party Data Sharing: Second Party data is First Party data that two or more business partners decide to share on a “private” basis for mutual benefit – for example, sharing specific store sales data with a manufacturer to streamline inventory processes. By sharing data with partners, organizations can scale their reach beyond their corporate walls to better serve customers and drive operational efficiency.
- Third Party Data Sharing: Third Party data is information that is collected from a variety of websites and platforms and is aggregated by an outside entity. This can include demographic data, and activity outside a business and its partners. Leaders in data and analytics are finding ways to integrate Third Party datasets to enhance their First Party data to create unique, competitive advantages with data.
Now, how do you create a culture of data sharing within your organization? Organizations have traditionally protected access to data for security, privacy and regulatory reasons. However, sharing data, whether it’s interdepartmental, with strategic partners, or in data marketplaces, is becoming a key capability for creating enterprise value. In order to break away from the tendency to protect data access at all costs, organizations must recast their data management practice from an IT-driven, cost center function into a business-driven, revenue function.
What advice do fellow data & analytics leaders have for making smarter decisions?
I’d like to invite you to join an upcoming panel discussion where I will be asking just that to data-driven leaders at companies like Wayfair, SlickDeals, and Rakuten.
WHEN: Wednesday, March 31st, 2021 | 11:00 AM PT (2:00 PM ET)
WHERE: 60 min GoToWebinar session – you can save your spot here.
This will be a great forum to hear from fellow data and analytics leaders and ask them questions about how they are enabling their organizations to ‘make smarter data-driven decisions’ at scale.
I look forward to seeing you there, and I hope that you’re as excited as I am to join.
Your moderator for the session,
Co-Founder & CTO, AtScale