Being a Good Data Supplier: How to Meet the Demands of Data Acquirers
by Matt Linehan, on April 25, 2023
In today's fast-paced business landscape, the demand for data is higher than ever. The rise of machine learning and AI has only intensified this hunger. However, data acquirers and suppliers often have different priorities and face distinct challenges on their path to success. In this blog post, we'll explore the preferences of data acquirers, the challenges faced by data suppliers, and how data collaboration platforms can facilitate wins on both sides.
What data acquirers want
When obtaining data, an extensive list of considerations influences the data collected for specific use cases. However, beyond overarching decisions and industry-specific variables, data procurers consistently prioritize the following factors during the data-sourcing process:
- Optionality: Acquirers seek diverse data types and sources to address their varying needs and changing strategies.
- Scale: Acquirers require large volumes of data to derive meaningful insights and drive decision-making.
- Data Interoperability: Compatibility with various systems and applications is crucial for seamless integration and analysis.
- Speed: There is no time for manual processes. A streamlined workflow from discovery to acquisition has to take minutes, not weeks or months.
- Security: Sensitive information needs to be protected in order to maintain trust with stakeholders and ensure compliance with relevant regulations.
The challenges of being a data supplier
Data suppliers must navigate a gauntlet of hurdles to effectively meet data acquirers' demands, often putting a massive strain on internal resources and slowing down time to market. A few of those hurdles include:
- Data Preparation: Curating, cleaning, and standardizing data for potential buyers is time-consuming and resource-intensive.
- Security and Compliance: Ensuring data security and compliance with data protection regulations requires significant investment in infrastructure and expertise.
- Pricing: Determining the right price for their data and finding the appropriate monetization model can be complex and challenging.
- Market Reach & Visibility: Gaining exposure and connecting with potential buyers in a competitive data market is difficult without the right platform or network.
How data collaboration platforms help suppliers efficiently meet demand
Data collaboration platforms serve as a one-stop-shop, streamlining multiple tools and services into one centralized location, which empowers suppliers to overcome obstacles and better fulfill the demands of data acquirers.
- Data Aggregation & Scale: Collaboration platforms facilitate data aggregation, allowing suppliers to pool resources and offer diverse data types and sources while providing acquirers with the required scale.
- Customizable Data Products: DCP’s enable suppliers and buyers to create tailored data products for specific industries or use cases, meeting the optionality needs of acquirers.
- Enhanced Market Reach: Data collaboration platforms often feature marketplaces that showcase and promote suppliers' offerings, making it easier for acquirers to discover and access their data sets.
- Data Standardization: DCP’s provide data standardization tools, ensuring data sets are readily usable and compatible with various systems and applications, addressing interoperability needs.
- Pricing Insights and Benchmarking: Platforms offer analytics tools, market insights, and benchmarking data to help suppliers make informed pricing decisions, allowing them to optimize monetization efforts.
Being a good data supplier is essential in today's data-driven world. By leveraging data collaboration platforms, suppliers can effectively address the challenges they face while better catering to the needs of data acquirers. Embracing data collaboration platforms can enable suppliers to optimize their offerings and build strong partnerships with data acquirers, ensuring mutual success in the competitive data market.
At Narrative, we understand the importance of quickly navigating the complexities of the data landscape to meet the growing demands of clients and set your business apart from competitors. With Narrative, you can:
- Leverage our innovative Rosetta Stone technology automating data standardization for everyone ensuring data interoperability and easy collaboration.
- Use our no-code UI, where users of all technical and industry backgrounds can easily participate in data collaboration.
- Be confident that all data is secure by indicating sensitive fields so that PII is protected on a column-by-column basis.
- Sell or share data publicly, privately, in a branded storefront, our marketplace, or other popular data marketplaces and reach a large variety of new customers.
By prioritizing speed and ease of use in data collaboration, data sellers and suppliers can unlock the full potential of their data and extract maximum value from it.
Choose Narrative's fast and easy data collaboration platform to enhance your data's value and drive your business toward success.