In today’s digital world, data has become critical to the success of companies across all industries. The highest-performing organizations utilize data to make better business decisions, generate new revenue streams, and grow faster than their competitors. But getting the exact data they need, and monetizing the data they already have, can be difficult. That’s where data commerce platforms can step in.
What are data commerce platforms? These platforms make buying and selling quality data faster and easier. For those looking to buy data, data commerce platforms provide the tools needed to find and obtain the specific data they’re searching for. For companies looking to sell their own proprietary data, these platforms allow them to package, merchandise, and deliver their data all in one place – think Shopify, but for data.
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By utilizing a data commerce platform, organizations can begin participating in the growing data commerce economy (which, according to BrandEssence Research, is projected to reach $1.7 trillion in revenue by 2028) in a cost-effective and convenient manner. A data commerce platform enables data providers to get their data in front of interested buyers and helps data acquirers locate and purchase high-quality, vetted data, all without the need to utilize costly and time-intensive engineering resources. The platforms also cut out the need for complex contracts and negotiations, and let companies take control of this process themselves while offering full transparency.
While a data commerce platform is a critical tool to collect data or sell your own, not all platforms are built equally. It’s just as important to find a platform that operates on good principles. Here are the top five to look out for:
This is a must when it comes to a data commerce platform. Data needs for companies are not universal, and therefore companies should have full control when it comes to creating data monetization and acquisition strategies that address their specific goals and challenges. Just as in any other aspect of your business, your data strategy should leave you in control.
The key to efficiency is easy, agile access to demand and supply. This requires the disintegration of outdated barriers to entry. This means tools within the platform should make buying and selling as simple as point-and-click – making it as easy to create an entire fully functioning data business as it is to create a shop on Shopify, and as easy to purchase data as it is to subscribe to a podcast.
Data that isn’t reliable or high-quality can be harmful to businesses and have a lasting negative impact – poor data quality actually costs the United States an estimated $3.1 trillion dollars every year.
This makes trustworthy data you can safely purchase a must – every company should feel secure in the knowledge that the data they are acquiring is factual and from trusted sources. A data commerce platform should cut out the worry that your data is coming from questionable entities.
Fully transparent transactions within the data market are critical to sustainability and accountability for both buyers and sellers. No company can have a solid data strategy without all moving parts being visible, meaning that organizations should have a healthy insight into the data they are purchasing and also be upfront with the data they are monetizing.
The more you know about the data you’re purchasing, the better. Similarly, the more you share about the data you’re selling, the better. Ideally, a platform should give both buyers and sellers full transparency in order to foster trust, good relationships, and successful business.
Privacy and Compliance
Just as you want to ensure your company operates by a strict set of moral and business standards to protect all parties involved, it’s imperative to make sure you are navigating the modern data regulatory environment similarly, without incurring undue risk. Enterprises looking to stay competitive are now more diligent with their approach to data governance and monetization.
Bottom line: Companies want to ensure that the data they sell or buy doesn’t violate their organization’s best practices or data regulations in place to protect privacy. A data commerce platform should help govern data transactions for you by ensuring they only allow data on the platform that meets standard privacy and compliance requirements.
Ultimately, a data platform can be a revolutionary tool to better help your business and deliver positive results through the acquisition and monetization of data – and while it is simple, efficient, and impactful, a company must also be sure they operate on good principles.