What is a Data Collaboration Platform?
by Brenna Dilger, on July 18, 2022
It’s becoming more important every year for organizations to actively participate in the flourishing data commerce market. In fact, an estimated 50% of organizations are taking steps to monetize their data and an estimated 54% percent of companies are planning to increase spending on acquiring external data. Most forward-thinking companies who recognize the massive impact that data has on business are finding ways to grow, improve, and boost revenue by monetizing the data that they collect and acquiring data from other organizations.
However, buying and selling data can be an extremely difficult, time-consuming, and expensive process. Oftentimes, it’s a resource-sucking endeavor that requires the time and labor of data engineering teams, legal teams, marketing teams, and sales teams. Because the barriers are so cumbersome, many organizations aren’t getting the most out of their data monetization or acquisition strategies.
That’s why the data collaboration platform was invented. Data collaboration platforms simplify the process of buying and selling data by removing the inefficiencies in data transactions that hold businesses back from maximizing the success of their most important data-driven initiatives. These platforms are ultimately making data commerce faster, easier, and more scalable than ever.
What is a data collaboration platform?
A data collaboration platform is software that simplifies, automates, and centralizes the sharing of data assets. It is a platform that provides the tools and workflows needed to buy and sell data, without requiring multiple teams and laborers. It also provides the flexibility to customize the data you sell or buy so that you are never dealing with duplicate or irrelevant data.
Using a data collaboration platform, companies have the power to completely own control of their data monetization or acquisition. Data collaboration no longer has to be a tedious, frustrating, or time-consuming process when companies take advantage of the technology and software that data collaboration platforms provide.
Benefits of a data collaboration platform
The other options for engaging in data collaboration are outdated. Companies can either risk going through data brokers or spend months to years on case-by-case data negotiations. By choosing to use a data collaboration platform instead, organizations can buy and sell quality and transparent data in a faster, easier, and more scalable way.
Self-service tools and workflows maximize customizability and control
The automated tools provided through a data collaboration platform give users the ultimate control. You don’t need a team of data engineers and lawyers for every new data transaction you make. You can master the ins and outs of a data collaboration platform on your own.
The tools within a data collaboration platform also offer advanced customization. Instead of having to share large volumes of data that may or may not be usable, both buyers and sellers can slice and dice their data to fit exact preferences and specifications. It’s easy to package and organize data exactly as you want as a seller and easy to customize what kind of data you want to acquire as a buyer.
Reduced cost, time, and risk leads to a higher ROI
Because data collaboration platforms are more cost-effective, time-efficient, and lower risk than other options, organizations get more bang for their buck. You won’t have to sink too many resources into buying or selling data. You can do all of your data transacting from your laptop on your own time.
Increased exposure and ease of distribution also make data collaboration platforms the secret ingredient when it comes to a high ROI. It’s easy for buyers and sellers to find each other through multiple channels and easy for them to complete transactions with just a few clicks. With high discoverability and ease of access, data products are more likely to find their way into the hands that need them.
Ability to centralize and scale data collaboration
One of the best benefits of using a data collaboration platform is that it makes it possible to conduct all data collaboration in one place. You can distribute your custom-made data products to everyone on the platform as well as buyers searching Google for data products like yours, while simultaneously purchasing the exact data you need from multiple data providers at once.
Access to multiple data providers and multiple data buyers at once creates a data ecosystem that thrives as the input and output of new data continues to grow. This makes it possible to reach a vast number of sellers and buyers and manage them all from within one hub.
Using a data collaboration platform to sell data
If you’re looking to start monetizing your data, a data collaboration platform is the fastest, easiest, and more cost-efficient way to launch, manage, and grow a data business. It’s just like Shopify for data! Data collaboration platforms provide the tools you need to get everything set up on your own: your data products, your custom ecommerce data storefront, your channels of distribution, and automated data delivery to your paying customers.
Ingesting and packaging data into products
A data collaboration platform will automate your data ingestion so that you won’t have to spend grueling hours transforming your data. You can take your data as it is stored natively and upload it into a data collaboration platform and voila! It is ready to be organized into data products.
Using the customizable tools available through a data collaboration platform, you can slice and dice your data into whatever products you want! The sky's the limit when it comes to organizing and packaging your data.
Selling data through marketplace channels
Once you’ve packaged your data products up, you can choose to list them in the platform’s marketplace. This will ensure that they are searchable for any buyers that go to the marketplace to filter through the data types and attributes that they need. It’s a great way to make your data discoverable and get it in front of as many actively searching buyers as possible.
Creating an ecommerce data business
If you really want to give yourself the best shot at growing a successful data business, you can also use a data collaboration platform to create an online e-commerce storefront that buyers can click through to browse and buy. You’ll be able to create a custom domain and an attractive online storefront (complete with a custom color scheme, images, tags, and product descriptions) within minutes. It’s the best way to make your data business look professional and reaches buyers outside of the traditional marketplaces.
Using a data collaboration platform to buy data
If you’re looking to centralize and simplify your data acquisition strategy, a data collaboration platform can be used for some of the most important data-driven ventures. Finding and buying the exact data that you need takes mere minutes and you won’t have to worry about wasting money on duplicate or irrelevant data. You can simply browse and select the exact data that you need and add it to your cart. That data will then be delivered to your preferred endpoint for you to use as you wish!
Marketers often struggle to follow their customers across the multiple devices and channels that they use on a daily basis. Using a data collaboration platform, you’ll be able to quickly and easily link disparate identifiers into one comprehensive profile, creating a 360 degree view of your customers across touchpoints and devices. It’s as simple as onboarding your customer records and matching your customer data to mobile devices, email hashes, and cookies.
Filling in the gaps of information is essential to creating solutions and improving processes, products, and messaging. It’s easy to enrich your first-party data with a data collaboration platform by appending new data elements to your customer records. The filtering tools available allow you to choose only the exact data you want to enrich your customer profiles with, so that you’re never paying for data you don’t need, and you’re always choosing the right data for your goals and projects.
Staying ahead of the competition means getting to know the competition, and that means mining the right data for competitive intelligence. With a data collaboration platform, it’s easy to filter through and select the companies or behaviors that you'd most like to understand, select the precise information you're looking for, and push it back into your customer platform. The best part of using a data collaboration platform is that you can select multiple providers and attributes at once to ingest, and get all of the data that you need before lunchtime.
Narrative is the world’s most powerful data collaboration platform
Narrative provides everything you need to effectively buy and sell data. You can start, manage, and grow a data business with our automated tools and workflows or you can discover and access the exact data that you need as easily as you can browse and buy clothes online.
We automate the most inefficient parts of data collaboration so that you can spend less time wrangling data, finalizing contracts, and completing tedious backend work and more time gleaning insights, creating solutions, and driving revenue for your organization. With Narrative’s data collaboration platform, anyone within your company (even an intern) can point-and-click their way through a self-service process that gives them full control of their buying or selling journey.
Launch your custom branded data business to create a new stream of revenue. Enrich your data to improve products and services. Slice and dice your data into the perfect products. Take a peek at the competition’s data to get ahead in innovation and growth. You can do it all with Narrative’s data collaboration platform,
It’s time to level up your data collaboration. Speak with our experts to get started.