Advantages of Data Sharing

CDOs see data sharing as a strategic opportunity for their organizations to improve operational efficiency, achieve long-term growth, and improve competitiveness.

According to a report published by Deloitte Insights, 'privacy-preserving technologies, such as fully homomorphic encryption (FHE) and differential privacy, you can now share encrypted data and perform computations on it without having to decrypt it first.'

There is a shift in thinking about the subject. CDO experts like Lydia Clougherty Jones, recognize that by sharing data with trusted partners, businesses can gain insights and knowledge that they would not have been able to achieve on their own. 

Today, the data-sharing revolution is making it possible for organizations to access more data, more securely within their own ecosystem and across other organizations.

With modeling data secured, chief data officers can safely outsource AI modeling and training to third parties. 
 

Simply put, data gains value when it is shared!
Here are some of the key advantages of data sharing :

• Is a strategic opportunity
• Perceived vs real risk
• Improve operational efficiency
• Achieve long term growth
• Outperform competition
• Risk level vs ROI is low
• Data analytics for whole business

These are all intrinsically tied to IT transformation.

As AI technology improves, organizations are becoming more data-driven and recognize the value of sharing data. Doing so, they will be better positioned to compete and succeed in the digital age.

Advantages now available through newer advanced AI applications, can lead to improved decision-making, greater operational efficiency and increased competitiveness.
 

There are still risks to consider before taking the plunge into data sharing. Here are some things to consider :

• Security and privacy concerns
• Data sovereignty
• Third party responsibilities
• Errors, poor results
• Risk of NOT doing this
• Lost opportunity is major risk

It is interesting to note that most of the data needed by WorkforceAI are inherently available on the internet.
 

To mitigate the risks of data sharing, organizations are implementing strong data governance practices and using secure data sharing platforms that ensure data privacy and security. This allows organizations to share data with confidence and reap the benefits of strategic partnerships and data sharing arrangements.