For brands tracking customer data, whether sales figures or satisfaction scores, it’s a good idea to share key findings with internal teams or departments. This provides a centralized information source enabling everyone to stay on the same page.
On the other hand, competitive brands sharing customer data externally is usually avoided to maintain a competitive advantage. There’s also the concern of releasing sensitive customer information externally which presents security issues.
All things considered, most brands are inclined to protect their customer information to avoid any potential risks; and justifiably so.
While this possessive approach makes sense in a competitive environment what about in a non-competitive environment? What if two brands or organizations voluntarily seek to share sensitive data in an effort to better serve the customer?
In Ohio, the city of Columbus is developing initiatives to become “smarter” by collecting and sharing data to improve traffic flow and monitor the city’s environmental impact. This collaborative-data approach has been adopted by Columbus nonprofits looking to expand their own reach and scope.
This centralized data bank would overcome many of the logistic, security and usability concerns often associated with external data sharing. Plus, it would be a game-changer for nonprofits in their mission to help local families achieve long-term stability and self-sufficiency.
Imagine this, a family moves several times changing schools and doctors. Existing processes would require the family to start fresh after each move leaving them susceptible to repeating pitfalls or obstacles. This is neither a comfortable nor an efficient way to navigate life. It also makes building a solid foundation for struggling families difficult because progress is wiped out with each restart.
The solution is sustained and continued assistance, not just a series of individual systematic pass-throughs. With a centralized data base, schools can access academic and behavioral information about new students allowing for smooth transitions. Financial services can also easily retrieve historical records to pick up exactly where previous institutions left off, rather than allowing balls to drop inhibiting long-term growth. Meanwhile, all this personal information remains safe and secure in one location thus minimizing the risk of external data sharing.
All that said, simply sharing data is only one step of the process. Each organization must sift through the extensive data archives to extract and analyze data relevant to their specific mission. Finding ways to put data-driven insights into action requires its own unique skills and a focused strategy.
This is where companies like MacKenzie partner with nonprofit organizations, or for-profit brands, to extract the true value of data and apply it to operational processes. Regardless the organizational type, the resulting benefits are the same: maximized return on investment, improved process flow, strengthened efficiency and best-in-class experiences for those being served.
For more information on how Columbus, OH is leading the way in data sharing, READ MORE HERE.
If you’d like to continue the discussion of how brands and organizations can benefit from data, be it internal or shared, give us a shout.
For over 30 years MacKenzie has converted data into actionable insights with the sole intent of accomplishing our clients’ goals, and we can do the same for you.