While unlocking the power of data is crucial for businesses looking to stay competitive in a rapidly evolving market – the raison d’etre of business intelligence (BI) – companies that limit themselves to internal datasets are missing out on valuable insights and revenue opportunities.
That’s the view of Matthew Bernath, an expert in data ecosystems and monetisation, who maintains that by embracing data collaboration and alternative data sources, businesses can make better decisions, enhance their operations and contribute to broader economic growth.
According to Bernath, data collaboration involves combining information from different sources to uncover new patterns and opportunities.
While much of the conversation around this concept focuses on individual benefits – such as an insurance company using pharmacy records (with consent) to offer fairer premiums to customers who are managing chronic conditions well – Bernath believes data collaboration can offer much, much more.
“Businesses that aggregate and analyse anonymised data can uncover powerful market trends,” he says. For example, retailers and manufacturers of baby products may observe increased demand in a particular area. This insight could be invaluable to property developers seeking ideal locations for family-friendly housing or childcare facilities.
“This demonstrates how shared data can drive smarter investments and benefit multiple industries without violating privacy regulations, because it’s not about one person or one family. It’s about what thousands, tens of thousands or even more anonymous individuals and families are doing, which is so invaluable,” he says.
Bernath also maintains the commercial value of data is another area where businesses often fall short, pointing out that many generate vast amounts of information but fail to realise its monetisation potential by, for example, sharing it with other organisations that could benefit from it.
And then there’s alternative data. These non-traditional sources that gather information such as mobility patterns, purchasing behaviours or even satellite imagery have long been used by hedge funds to predict market movements. Today, Bernath says, this type of intelligence is accessible to companies of all sizes. A transportation company, for instance, could package and sell anonymised traffic data to urban planners aiming to optimise infrastructure development.
“In such a model, one business's by-product becomes another's strategic asset, creating new revenue streams without compromising consumer privacy,” he adds.
So how does this play into BI?
Bernath points out that BI thrives on comprehensive data, yet most companies operate with an incomplete picture of what is happening in the greater market, leading to less-than-optimal decision-making.
“Integrating external datasets can fill these gaps, improving forecasting accuracy, operational efficiency and overall market positioning,” he says.
But what about customer privacy? How can businesses share data with other organisations, benefiting themselves and society at large without compromising privacy?
Bernath argues that privacy concerns often hinder collaboration unnecessarily.
“Regulations such as the General Data Protection Regulation and South Africa’s Protection of Personal Information Act impose strict controls on data use, but contrary to popular belief, they do not prohibit responsible data sharing,” he says. “Rather, they establish a framework for secure, consent-based collaboration. Privacy-preserving techniques such as anonymisation and encryption allow businesses to share insights while ensuring compliance and maintaining customer trust.”
Bernath believes the future of data lies in cross-industry ecosystems where businesses pool resources and insights securely.
Those that embrace these collaborations will not only gain a competitive edge but also play a role in driving economic and social progress. As he points out, much of the data collected by companies is currently used solely for internal purposes when, in reality, it could be aggregated and leveraged for the greater good.
“By recognising the potential of alternative data, engaging in ethical data collaboration and making strategic use of business intelligence tools, organisations can move beyond isolated decision-making and harness the full power of shared data. In the end, better data leads to better decisions – not just for individual businesses but for industries and communities as a whole,” he concludes.
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