Are you ready to sell your company’s data to someone else?
Are you open to buying data from a third-party to advance your business?
Until now, thorny issues like data privacy and protection have hindered enterprise adoption of data marketplaces. Not to mention the know-how and tools that are needed for your employees to turn the new data into action. But times are changing. Thanks to breakthrough technologies like artificial intelligence (AI) and blockchain, data marketplace providers are effectively addressing these concerns. For companies and business leaders that are open to acquiring business intelligence using this new and disruptive model, the rewards can be immense.
Data marketplaces, which are essentially platforms for parties to buy and sell data, can serve several different purposes for businesses. First, they can be a quick and valuable way for a company to acquire additional necessary information to make a strategic decision. Second, they can provide companies with new revenue streams by selling data assets that the company already owns. Either way, the use of data marketplaces can lead to improved business outcomes for your company.
However, when data is being bought and sold its authenticity needs to be validated. With trillions of gigabytes of data at play, this can be a tall order. Enter startup CyberVein, which according to its website, is a “public network of immutable databases on which information can easily be traded, interconnected, and transformed into structured knowledge.” According to a recent Forbes article, the company is supporting industries like pharma, as well as governments and researchers. Using blockchain technology, the network brings together people and databases, and ensures the information exchanged is tamper-proof. The company claims that by overcoming enterprise reluctance to data marketplaces due to privacy and authenticity concerns, blockchain technology is enabling the platforms to go mainstream.
At the same time, AI is also helping drive the adoption of data marketplace platforms in the enterprise, including for internal use. A recent ITProPortal article takes an interesting look at how the technology is giving companies the cognitive boost they need to process new and larger data sets that marketplaces provide, while improving their ability to predict actions and outcomes. According to the article, AI-powered “cognitive intelligence tools can provide prescriptive suggestions for orchestrating new data sets as they become available on the platform, thereby making the process more proactive.” Companies are also developing internal data marketplaces for their employees to leverage, allowing for a single source or point of interaction for accessing multiple data sources.
Indeed, data marketplaces are delivering on the promise of faster, easier access to a broad spectrum of information. Whether you’re a buyer or seller, these disruptive new platforms are speeding up the acquisition of business intelligence, giving companies a competitive edge and a boost in revenue—or both.
If you haven’t already looked into how data marketplaces can positively impact your business, now is the time!