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Unlock the Hidden Value of Your Data - HBR

Unlock the Hidden Value of Your Data - HBR | The MarTech Alert | Scoop.it
I outline four steps that could help organizations maximize their data assets for public good:
1) Develop methodologies to measure the value of data.
2) Develop structures to incentivize collaboration. 
3) Encourage data collaboratives. Data collaboratives are an emerging form of public-private partnership that enable sharing and co-creation of value. Data sharing must not become a vehicle for privacy violations or other risks to individual rights. Building trust is essential to fostering the benefits of sharing; it is therefore critical that strong privacy protections (e.g., in the form of anonymized, aggregated data) are built into the structure and governance of data collaboratives.
4) Identify and nurture data stewards. Data stewards are individuals or teams tasked with proactively initiating, facilitating, and coordinating sharing across organizations and sectors, with the goal of maximizing both the private monetary and public value of data assets. 
CYDigital/marteq.ios insight:

We strongly recommend a data collaborative with consumers, where they are the data stewards of their own data.

 

marteq.io delivers zero party data solutions that significantly reduce digital advertising costs. Learn more: https://www.marteq.io #martech #marketing #adtech

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evervault raises $16m Series A to ensure that everyone has data privacy - Irish Tech News

evervault raises $16m Series A to ensure that everyone has data privacy - Irish Tech News | The MarTech Alert | Scoop.it
evervault is the Dublin-based internet infrastructure company founded by Shane Curran. It has closed a $16 million Series A investment round led by Index Ventures. Existing partners Sequoia Capital, Kleiner Perkins and Frontline Ventures also participated — alongside angel investors including Dylan Field (CEO, Figma), Kevin Hartz (co-founder, Eventbrite), Olivier Pomel (CEO, Datadog) and Alex Stamos (former Chief Security Officer, Facebook). The new investment takes the total raised by the company to over $19m.

evervault is building the API for data privacy. The core API functionality is privacy cages, which empower developers to process highly sensitive data in a fundamentally new and better way which is simple, scalable and privacy-preserving. evervault allows companies to focus on doing what they do best: building their product.
CYDigital/marteq.ios insight:

Yet more justification that there is a distinct need to permit consumers to manage and control their own data.

 

marteq.io delivers zero party data solutions that significantly reduce digital advertising costs. Learn more: https://www.marteq.io #martech #marketing #adtech

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Who's Data is it Anyway? - Silverbullet | CMO Research Paper

Who's Data is it Anyway? - Silverbullet | CMO Research Paper | The MarTech Alert | Scoop.it
Despite the wheels being set in motion when it comes to building a data-centric businesses, it would not be outlandish to say that brands might struggle to fully achieve this due to ongoing shortages of data skills across the marketing industry as a whole.



Almost half of UK CMOs (45%) estimate poor data handling risks costing their business between £250,000 and £5m everyyear

Only 27% of CMOs say the industry is 'ahead of the game’ with having the skills needed to deal with customer data privacy

Almost three in four (74%) people are more concerned about the privacy of their personal information compared to this time two years ago

Over half (55%) of CMOs believe they are tapping into just 40% or less of their first-party data’s potential.

 

This paper explores the challenges brands need to overcome in order to manage data more effectively and build consumer trust, at a time when consumers are hugely concerned about privacy.
CYDigital/marteq.ios insight:

Although UK focused, we believe the finding are applicable to the US side of the pond. And to answer the question: it's the consumer's data, and it's far more advantageous for the marketer to consider it as such.

 

marteq.io delivers zero party data solutions that significantly reduce digital advertising costs Learn more: https://www.marteq.io #martech #marketing #adtech

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