The need for data within operations
In an age where data is becoming more accessible and vast in amounts than ever before, businesses must consider their current data strategy to ensure that they are maximising the value gained through analytics.
By employing optimised data governance processes, as well as navigating the current challenges of ensuring universal data privacy, enterprises may gain access to advanced insights that empower growth, as well as a wide array of other advantages.
Data is now more essential than ever before, being widely regarded as the single most valuable resource available to businesses and enterprises seeking to enable strategic decisions – allowing them to gain leverage in increasingly competitive markets. Data currently impacts the success of various strategic efforts in three core areas:
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Providing crucial market insights which reveal opportunities for future revenue growth.
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Delivering reports that refer to current spending and other data-related topics such as policy management, engagement, conversion rates, and ROI.
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Displaying core risks and potential challenges that threaten current or future operations, such as expensive data breaches or unusual consumer behaviour.
Current data challenges facing businesses
For businesses to gain access to the three core benefits of data above, analysts must ensure that their data is secure, risk-averse, and adhering to compliance regulations that vary by region. If not, they may risk data corruption, introducing bias, and extensive fines in excess of £17.5 million. This provides many challenges to those wishing to optimise their data use to gain critical insights.
Some of the core challenges within data collection and privacy include:
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Ensuring that clients have control over their collected data in the face of breaches and corruption.
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Undertaking multi-chain testing, which is extremely difficult and time-consuming.
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Maintaining compliance with ever-changing regulations.
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Anonymising data.
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Navigating pre-existing data silos that introduce bias into strategies and perceptions.
These challenges often reduce or destroy any potential value gained from harnessed data, inhibiting growth and strategy in the process.
By allowing businesses to interact with the entirety of their current data through a centralised solution, they may reach actionable insights that drives revenue and bridges harmful data silos in the process. However, this can prove difficult for organisations sharing data on an international scale, due to differing data regulations and policies.
The current need for universally compliant data
Often, these organisations are not able to use the full extent of their collected data, a factor that severely limits analysis efforts and market gain.
Chinese data may not be exported outside of China, nor may Cloud-hosted data in Germany. Meanwhile, additional Cloud services do not operate in every region, making retrieval and collation difficult or severely restrictive.
An example of this can be seen currently between the EU and the UK – where regulations require additional measures to be placed on inbound data, creating additional barriers that interrupt data quality and potential market-leading strategy.
By incorporating successful integrated data privacy efforts, teams wishing to analyse and draw insights from their collated data can be sure that they are unrestricted by compliance or other inbound restrictions – unlocking the full potential of their data and drawing maximum insights and strategies from it.
The shift towards an advanced solution
Recognising the need for better aggregation, compliance, and governance of data in the pursuit of valuable intelligence, eXate has created an all-in-one solution that streamlines this process, while allowing for data governance controls that manage access with ease.
By combining multiple Privacy Enhancing Technologies (PETs) with the simplicity of fluid democratisation, businesses can utilise their data to its fullest extent, with the confidence that they are fully, and continuously, adhering to data policies regardless of location.
A unique, embedded solution
In the effort to navigate the large-scale challenges created by evolving and complex global data privacy regulations, many international organisations have taken an approach of continuously adopting multiple APIs and Privacy Enhancing Technologies.
These PETs often involve multiple techniques and strategies, such as different forms of encryption, differential privacy, zero-knowledge proof, synthetic data, and secure multiparty enclaves.
However, this can cause systems and processes to become bloated, separate, and often frustrating to utilise – potentially leading to harmful data silos that create analytical bias through the obstruction of vital information.
eXate’s platform streamlines this process with the lasting goal of creating a single source of truth, simplifying data governance and access with a solution that sits on top of current technology in one hybrid solution.
Unified data, with security at its centre
At the core of universal data privacy is ensuring that user data is securely and reliably maintained. Although efforts are made to collate and manage data, overall data security can be widely ignored or under-optimised – placing sensitive information and critical insights at risk.
Our hybrid solution prioritises ongoing data privacy through sophisticated encryption processes, as well as allowing multiple PETs to communicate amongst themselves in a coordinated and efficient fashion.
This means that, as teams continue to draw insights from anonymised and compliant data, they can place full confidence in knowing that their data is free from corruption, breaches, or misuse – empowered with a full set of data governance controls.
Learn more with a free demo
To learn more about how we help streamline the approach to global data privacy, why not book a free demonstration with us below?