Typically this analysis has been undertaken using an organisation’s own data sets — often in a process that saw Datamine combining previously siloed internal data into an in-house data ‘pool’. Drawing on this large internal pool (and occasionally augmenting it with external sources such as voter rolls and census results), Datamine was able to provide decision makers with a range of business insights not previously available when only a single data set was analysed.
Despite the successes, however, internal and publically available data sources can only take you so far — and today’s smart marketers are starting to pose a game-changing question whose time has come — what could we learn if our data pool was magnitudes deeper? The answer is here.
Welcome to the future of Multi-partner Datapooling!
So how does it work?
Put simply, multi-partner Datapooling is what happens when different organisations decide to adopt a collaborative data strategy. Consider, for example, several large companies — an airline, a bank, a supermarket chain and a fashion retailer perhaps — all with rich internal data and the desire to deepen their customer insights. On their own, though, their in-house data can only take them so far. Potentially they could approach each other directly to ‘share’ data, but the legal, technical, and operational complexity of how such a partnership might work would probably stop any such initiative before it started.
Now consider the datapooling alternative, where Instead of sharing with each other, the same organisations supply their data to an independent ‘datapooler’ like Datamine. As an unrelated 3rd party with deep expertise in data administration, the datapooler then assumes the responsibility for overall data management and security. Freed up from the complexity of managing a multi-company data sharing initiative, contributors to the pool can concentrate their energies on developing analytics projects with the datapooler that leverage datasets from all the contributors. The net result? An unparalleled degree of customer insight that was simply not available before.
Whatever the jurisdiction, there will always be significant legal compliance issues relating to data privacy. As the operator of the datapool, Datamine would enforce strict privacy protocols — only accepting data that is legislation compliant, and once received, would manage that data in a manner fully consistent with any legal requirements relating to storage and security. Similarly, any analytics projects and their results would also be fully compliant with the law. With over 20 years’ experience securely managing data for literally thousands of analytics initiatives, Datamine’s reputation as a trusted security partner is unmatched in the industry.
Who should we partner with?
Understandably, many organisations will be sensitive to the potential commercial application of their data and which companies they would be comfortable pooling with. To that end, data contributors can choose which other data suppliers to share with. Data from direct competitors, for example, would not be included. Admittance to a datapool would be carefully managed by Datamine — with partners and contributors being synergistic and carefully vetted.
Interested in learning more? Contact us today and take your business decision making ‘beyond guesswork’.
ABOUT THE AUTHOR
Sally Carey is a director of Datamine and has over 20 years experience consulting on data analytics solutions across a range of industry sectors. Carey specialises in delivering clarity from the complexity of big data – advising organisations on a host of predictive analytics disciplines - including quantitative decision making, loyalty programmes, organisational change and marketing strategy.