Last Thursday in central London, InfoSum and Gospel hosted a lunch with the IDC and technical experts from the automotive, retail, and financial services industry, to discuss the importance of trusted data and how new technologies are emerging to resolve many of the critical data issues businesses face in 2018.
Opening things up, Duncan Brown from the IDC spent time discussing the challenges that face organisations striving to deliver digital transformation (DX).
According to recent research by the IDC, 75% of European firms state they are “digitally distraught” and struggling to deliver DX initiatives at scale, across their organisation. A primary explanation for these struggles is the tendency drive isolated DX initiatives, caused by data silos within the organisation.
“The flow of data inside and outside is the lifeblood of any organisation”
Data silos commonly appear where departments or functions within a single business do not, or are not able to, share data with other departments. The IDC believed that there are three key motivators for businesses breaking down these data silos, best practice, competitive advantage and existential threat. These motivators surely result in, not just a desire to more seamlessly share data securely within their organisation, but an imperative urgency.
Unfortunately, there are a number of reasons companies fail to share data internally or externally, as they fear the obvious security and privacy issues that can arise, creating a perception of data being toxic.
“Data is toxic only in the way that food can be toxic. We all need food in the way that we all need data. Look after it properly and you will stay healthy”
Ian Smith, CEO of Gospel Technology, described how his organisation is tackling the problem of untrusted or inaccessible data by using blockchain to secure it at the data layer itself.
“The area of trust in data should be the number one priority for enterprises today who wish to stay relevant as businesses look to use their data to create competitive edge.”
So how can companies unlock the value held in their isolated datasets, without risking their data?
Share insights, not data
With that challenge in place, InfoSum’s Nick Halstead moved on to discussing the solution we have developed that enables companies to gain insight from multiple isolated datasets without sharing the underlying raw data.
InfoSum’s decentralised approach can be utilised internally to facilitate cross-department analysis, where data has become fragmented, as well as with external partners. This joined up analysis enables businesses to better understand their customers, and therefore deliver more effective marketing campaigns.
“Using a decentralised customer data platform, organisations can combine intelligence held by departments, partners or other external organisations, to power effective people based marketing.”
By taking this approach, businesses retain the commercial value held in their customer data, while allowing the value of combining insights to be derived. Additionally, by not sharing the underlying data, both security and privacy concerns are instantly relieved as the raw data is not pooled, shared or even moved.