Data is fueling the next wave of business innovation, differentiation, and growth, offering incredible insights and opportunities. While data collaboration and governance can prove challenging, cloud technology makes it easier to find, organize, share, secure, govern, and monetize your data.
Our partners at Snowflake have put all of these capabilities at your fingertips. Let’s explore how Snowflake is helping organizations to achieve dramatic results through data sharing and data clean rooms.
Growing Your Business with Data Sharing
Data is power, and sharing data for collaboration offers impressive results. As cited by McKinsey & Company and the World Economic Forum in this Snowflake webinar, connecting data across organizations unlocks $3 trillion in annual value.
Data and analytics leaders who share data externally generate three times more measurable content than those who do not.
How do you share your data with other organizations or across your business in a more secure way? Many begin by sharing files directly using FTP, or leveraging third-party data sharing applications, which offer some security over email sharing.
The problem with these approaches is that they make your data more expensive and difficult to maintain, while also introducing security risks.
A far better solution? Data Clean Rooms.
What Is a Data Clean Room?
A data clean room is very much what it sounds like: a secure space to share data that’s been “scrubbed” of any personally identifiable information (PII). In data clean rooms, PII is anonymized, processed, and stored in a manner that meets privacy laws such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA).
Data Clean Room Use Cases
We are seeing transformative impacts achieved through Snowflake’s cloud data platform. Here are just a few examples of use cases across different industries:
- Advertising and media: Linking anonymized data from multiple parties to develop first-party segments, monetize data, and improve targeting results
- CPG-Retail: Sharing data to uncover insights into which products and bundles are selling, for better targeting and attribution
- Retail: Crafting improved experiences through more personalized marketing focused on buying behaviors and loyalty data
- Live Entertainment: Capitalizing on Customer 360 data based on in-person and digital interactions to improve relevance and timeliness of offers
- Insurance: Pooling data to improve fraud detection models and reduce fraud claims
- Healthcare: Capturing rich data across the full 360 patient lifecycle for personalized medical care
Getting Started with Data Clean Rooms
If you’re new to data clean rooms, you may be wondering which technology is right for you. As you assess potential solutions, we recommend considering six key factors. In order to be effective, your data clean room should beâ€¦
- Strategic, effectively aligning to your business goals
- Right-sized, suitable for your team and your existing tech stack
- Actionable, offering rich insights you can truly use
- Automated, to speed up and streamline processes, while removing manual errors
- Powerful, providing a single source of truth with accurate, real-time data
- Impactful, driving business gains and scaling with your company as it grows
The Power of Snowflake Data Cloud & Salesforce
At V2, we’ve partnered with Snowflake to bring the power of its global Data Cloud to companies worldwide. Not only does Snowflake offer robust data sharing and collaboration solutions, it also pairs perfectly with Salesforce and MuleSoft, a Salesforce solution which can quickly connect data from any system. Access, govern, and act upon your data for transformative growth.
- Access: Discover and share data without physically moving it, at near-unlimited scale and regardless of the format of that data.
- Govern: Manage and control your data in a way that can enable collaboration while maintaining the highest levels of security and compliance.
- Act: Empower every part of your business with data to build better products, make faster decisions, create new revenue streams, and realize the value of your greatest untapped asset: data.
With Snowflake, you can share data across platforms and cloud regions, with specific, revocable permissions and access. The data within Snowflake is live and ready to query. Create data clean rooms easily to share data and business logic without revealing the underlying data.
Ready to Level Up Your Data?
With Snowflake, the future of your data sharing and collaboration is as bold as your ambitions. Here at V2, we’ve developed an accelerator solution that makes it easier than ever to manage your data clean rooms. Stay tuned for an exciting announcement, and contact us to learn more about transforming your organization at scale.