Data collaboration occurs when multiple entities work together to share, analyze, and leverage data for mutual benefit. It involves organizations sharing, combining, and analyzing data that they have gathered individually. Privacy is also vital for organizations they’re practicing data collaboration, as this data is often private and contains personal information that must be protected. This includes using encryption, anonymization, and controlling the access to the combined information.
Analyzing the combined data gives organizations the chance to gather more detailed, accurate, and informative insights than they would have if they had just analyzed one part of the data set. This has uses across domains from healthcare to finance to research. By combining datasets, the organizations working together can make more accurate, data-driven decisions that will allow them to maximize the value of their decisions and serve their customers or clients better.