- Businesses have long gained competitive advantage through data analytics on first party data. Innovators are finding additional data avenues to enhance their analytics. However, as data privacy grows as a protected right, external data is becoming increasingly difficult to reach.
- To continue creating value from external data businesses need to set up data ecosystems which involve collaboration across different partner businesses, organisations and government institutions. Currently only 14% of organisations are engaged in such ecosystems despite driving productivity increases of 14%, costs decreases of 11% and customer satisfaction increases of 15%.
- Data ecosystems are still in their infancy as topics such as privacy are a key concern. According to a 2020 survey, 4% of American consumers are concerned about their data privacy. These concerns are reflected at a governmental level: new regulations, including GDPR, are far-reaching and strongly enforced.
- Apheris’ end-to-end platform uses a federated learning architecture to guarantee security and privacy to each individual data provider across a network. With use cases extending from medical research to sustainability analysis it stands to unlock the potential of data ecosystems across industries, whilst alleviating security concerns for all stakeholders.