5 Principles of Data Commerce
by Brenna Dilger, on January 28, 2022
As data has become “the new oil” and we enter an increasingly data-centric landscape, organizations have become more aware of the need to use data to make decisions, grow as an enterprise, and increase revenue. Companies need to stay competitive by augmenting their internal data with external data and generating revenue through the sale of their own data assets.
So how do companies acquire and distribute quality data assets in an efficient and cost-effective way? The best way is to use a data commerce platform that operates on good principles.
What is a data commerce platform?
A data commerce platform is software that makes buying and selling quality data assets faster and easier than ever. We provide the tools you need in order to discover the exact data you want and also create your own data business to sell your data assets. It’s the best way to put your data assets in front of interested buyers and the best way to find and buy quality data from the right sources in a cost-effective and efficient way.
Using the platform as a buyer, you have the ability to access many different types of data from several trustworthy sources without having to forge contracts or undergo negotiations. Using the platform as a seller, you have the ability to showcase your company’s valuable data assets to many buyers using an intuitive self-service interface. It’s Shopify for data!
Every data commerce platform should operate on five fundamental principles that ensure fast, easy, and transparent data transactions:
There is no one-size-fits-all solution in the world of data commerce. Each organization comes with unique challenges and goals, which require custom data solutions. You should feel empowered to create a data strategy that fits your organization’s unique journey.
The tools provided by a data commerce platform should give you maximum control over your data monetization initiatives and data acquisition strategies. Whether you are a buyer or a seller, you want to have complete autonomy over budgets, partners, and customizing data products.
A data commerce platform makes buying and selling data a piece of cake. The key to efficiency in the data commerce market is ease of access to demand and supply, which requires the disintegration of outdated barriers to entry.
Automated tools available within data commerce platforms make the process of buying and selling data as simple as point-and-click. It’s as easy to create an entire data business as it is to create a shop on Shopify and it’s as easy to purchase data as it is to download music or subscribe to a podcast.
3. Data Quality
We know that acquiring data of subpar quality might be unhelpful or even detrimental to your business. In fact, poor data quality costs the United States an estimated $3.1 trillion dollars every year! That’s a lot of waste.
That’s why it’s so important to only purchase data from trusted sources that you know contain relevant and accurate information. Using a data commerce platform, you’ll avoid purchasing blind data from questionable sources. You can rest assured that the data going into your organization’s decisions, models, and products is high quality and will yield positive outcomes.
Fully transparent transactions within the data market are the key to sustainability and accountability for both buyers and sellers. No company can have a good data strategy without visibility into all of the moving parts. Organizations with truly strategic initiatives should have a healthy insight into the data they are purchasing and 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. Our data commerce platform gives both buyers and sellers full transparency in order to foster trust, good relationships, and successful business.
5. Privacy & Compliance
You know that your company sticks by a strict set of moral and business standards that protect both your business and your customers. That’s why it’s imperative to make sure you are navigating the modern data regulatory environment without incurring undue risk. Smart and competitive enterprises are now more diligent with their approach to data governance and monetization.
You want to ensure that the data you are selling or buying doesn’t violate your organization’s best practices or the data regulations that have been put in place to protect privacy. A data commerce platform helps govern your data transactions for you by ensuring we only allow data on our platform that meets the standard privacy and compliance requirements.
Apply Narrative’s guiding principles to your data strategy
Narrative’s data commerce platform is the ultimate end-to-end solution for buying and selling quality, transparent, and compliant data assets with tools that maximize autonomy and liquidity. Every data transaction is a simple point-and-click process that empowers your enterprise to create a data strategy on your own terms. Using our cutting-edge applications, like Data Shops and Buyer Studio, anyone can buy or sell custom datasets with unprecedented ease and control.
Want to elevate your data strategy today? Speak with one of our experts to get started!