Who Owns Your Company's Data?
The most successful companies use data as a source of competitive advantage. This is not a stunning revelation. Countless authors have called even data the new oil. That is, data drives the modern economy. And data collectors such as Facebook, Google, and Amazon have astronomical stock market valuations because their data has driven much of their growth.
But even though data can be exceptionally valuable, many companies face challenges collecting and processing it. They cannot collect all customer actions. Or they face challenges joining data from a myriad of different transactional systems to even start analytical processing. Or, perhaps, they simply do not have the computational or technical resources available to use that raw data and create actionable information. Of course, data protection regulations and laws are always a concern.
Click360 lets companies directly collect First Party Data about about their customers and prospective customers. That provides many significant advantages, including:
- Your company owns its data instead giving it away to other companies that only return aggregate results;
- Your customer data does not get sold by third parties (for who knows what purpose);
- Your company knows exactly what was collected and can make sure its use is in compliance with all laws, regulations, and customer expectations;
- You can measure results in the way that you think about your business, rather than having to fit the mold of all businesses; and
- If your business changes, or you change the way you think about it, you can apply the new thinking to historical data (rather than only going forward).
First Party Data that is used by companies in ways that their customers expect is is more valuable, secure, and ethical. It aligns control with responsibility and value. And it makes sure that companies and their customers--not third party data collectors--gain the most from their own data.
To find out more how your company can own its data, rather than giving it away freely to a third party, contact us today.