Driving Success Through Data Partnerships: Lessons from the Past, Opportunities for the Future

The potential of data partnerships is immense, although the concept itself is not new. The HBR article ‘Information Partnerships—Shared Data, Shared Scale’ is over 30 years old!

While some of the technology concepts have evolved, many of the success factors mentioned in the article still hold true today:

• Shared vision at the top: Strong leadership is essential, along with a clear understanding of the purpose of collaboration and a shared vision for the partnership.

• Concrete plans for early success: It is vital to plan the partnership's implementation in a way that allows for early wins and positive outcomes. Demonstrating value early on with focused proof-of-concepts (POCs) before diving deeper is essential.

• Persistence in developing usable information: Garbage in, garbage out. The quality of data directly impacts the quality of outcomes. Ensuring high-quality data increases the chances of achieving successful results.

• Coordination on business policy: Organisations now adhere to strict governance and security policies. Partnerships (and supporting technology) must seamlessly navigate these processes to unlock value.

• Appropriate business architecture: Disagreements over how value is shared have hindered many partnerships. Avoid getting caught up in theoretical value and instead focus on testing and proving value to drive informed negotiations where all parties benefit.

So, what has truly changed, and why is now a different era for partnerships?

While organisations still need to have some degree of reciprocal skills in information technology, data collaboration technologies have rapidly evolved, removing many technical barriers. For example, the DataCo Secure Collaboration Platform offers a user-friendly, no-code solution that simplifies data collaboration for you and your partners, regardless of their size.

The time has come to turn this final quote into reality:

“Through an information partnership, diverse companies can offer novel incentives and services or participate in joint marketing programs. They can take advantage of new channels of distribution or introduce operational efficiencies and revenue enhancements. Partnerships create opportunities for scale and cross-selling. They can make small companies look, feel, and act big, reaching for customers once beyond their grasp. Partnerships can make big companies look small and close, targeting and servicing custom markets.?

Partnerships, in short, provide a new basis for differentiation. We will be seeing many more of them.”