Despite the rise of internet-enabled technology, the majority of organizations still only have a ‘single pane view’ of their own audience. That is, while organizations may be collecting and analyzing data (with informed consent) from individuals, this data-led view is still limited to the collection of behavior when interacting with an organization's own channels, whether that be via their website, email, app, social media, or in-person activities. As we know, however, there’s much more to a person or segment than the 1% of the time they may spend with a particular brand or organization.
Authorized data exchange between consenting organizations enables:
- An enriched understanding of target audiences and customers by unlocking insights from previously unknown data points.
- Increased accuracy and ROI of marketing and communications activities to particular audiences.
- More effective provisioning of services and resources based on real data.
- More accurate reporting on the delivery of media, marketing and other services by ‘closing the data loop’.
- The ability to monetize or unlock the latent value of data which has been collected but not analyzed, used, or applied in any way.
We currently create 2.5 quintillion bytes of data on a daily basis which is, as Peter Levine of Andreessen Horowitz says, equivalent to a “new Google every four days.” Astonishingly, it’s estimated that fewer than 0.5% of all data created is actually analyzed and used.