With data now defined and preliminarily valued, each business must create data partnership structures that will allow them to confidently utilize these assets while protecting them. Whether seeking to buy, sell, share, or resell data assets, there are some core elements of timing and legal approaches to consider. DataSmart Consultants outline common partnership structures and strategies that create value while protecting your datasets from misuse.
Data often contains some significant government, industry, regulatory and even consumer perception risks in its use or misuse, and every company must understand each of these in terms of partnerships. Equally important, the timing of when to utilize certain partnership structures is highly dependent on key situational constraints and we will outline where and when to apply these different tactics.
With the data partnerships underway, the last critical step is to set up a reporting or feedback system to help protect not just the data assets, but the value those assets provide. Data is dangerously transferable, readily stolen or copied, and easily manipulated to disappear. We will talk about some of the more painful examples of this, and I don’t mean external hackers attacking from the outside, but the painful realization that a partnership you purposefully and excitedly signed somehow opened a backdoor for your data assets to walk out, never to be seen again. Focusing before and during a partnership negotiation on reporting requirements will help uncover these risks before they ever go into effect.