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Data democratization is a culture change and is based on a concept that enables easy access to data. The ease of availability and access to data enables direct and in-direct data monetization. This can be realized through an internal marketplace.
An internal marketplace is a strategic solution and an effective means to democratize and exchange data within a firm. An example of a data acquisition journey is below:
- A marketing analyst wants to source internal data to cross-sell insurance by an email campaign, through a portal.
- The data owner of the data element “Customer Loan Unpaid Principal Balance”, will receive a request to endorse provisioning of this data element along with customer email addresses.
- The data owner will quickly check the entitlements or rights on this data element and give a go-ahead if it’s not restricted for consumption or distribution. As it’s neither private nor third-party data, entitlements are limited.
- Upon receiving the acceptance to provision the data element, the marketing analyst will be able to source this data that is made available as a downloadable file in real-time. Or it will be available later in a machine-readable way like an API.
- The analyst will also be able to see a trust score, based on the usage of this data by other consumers. Additionally, the analyst will see a quality score and the usage statistics of this data.
A marketplace cannot run by just giving away free access to all the data in the landscape. There are Data Management controls that need to be actively managed. Some of these are privacy, security, authentication, encryption, entitlements, user access management, device management, and data rights management. They can be managed actively as metadata in a data dictionary.