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According to a new survey by TripleBlind, 94% of CDOs surveyed from healthcare organizations and financial service firms stated deploying data privacy technology that enforces existing data privacy regulations would result in increased revenues for their organizations.
Data is one of the most powerful business tools. Every day we generate 2.5 quintillion bytes of data; it’s up to chief data officers to determine its value and opportunities for strategic growth. If a business can manage its data, as well as collaborate with other businesses in a secure and compliant way, the opportunity for improved outcomes is immense.
Eliminating barriers to data collaboration and analysis can give a business a leg up on competition. Not only do 94% of respondents believe data privacy technology would increase revenues for their organization, nearly half of those surveyed said expanded data collaboration would give their organization a competitive advantage.
Sharing data even when a privacy-enhancing technology (PET) solution is deployed still feels risky to CDOs and senior data managers. Sixty-four percent of respondents were concerned that employees at organizations with which they are collaborating will use data in a way not authorized in signed legal agreements. And 60% are concerned that PET solutions deployed by collaboration partners will modify the data, making results of analyses inaccurate.
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Staying in compliance with data privacy regulations and keeping data accurate are of biggest concern to healthcare organizations. A large majority (86%) of healthcare insurance carriers were concerned data user organizations will use data in a way that violates data privacy regulations.
Financial service firms were more optimistic about improved data collaboration potential. More than half of financial service firm respondents stated improved data collaboration practices would increase revenues up to 20%.
TripleBlind surveyed more than 150 chief data officers and other executives in charge of data management at healthcare and financial services organizations with annual revenues of at least $50 million and at least 250 employees. IntelliSurvey, which conducts approximately 5,000 online surveys annually, executed the survey.
Read the full report from TripleBlind.