Data security concerns, combined with limitations in traditional data security technologies, have inhibited companies from monetizing data and realizing rapid time-to-value from data. Due to recent advances in data security technology – from secure data sharing to data-in-use encryption – companies are now overcoming limitations in legacy data security solutions to drive impactful data monetization strategies and revenue opportunities.
Here are two real-world examples of the challenges that two companies overcame with these new data security capabilities. For a paper that takes a deeper dive into the challenges these and other organizations overcame, click here.
- Product Development
A leading biopharmaceutical company wasn’t able to make clinical trial data available securely to downstream systems in a timely manner to analyze the effectiveness of new drugs. This data was highly time sensitive, therefore it was critical to move the data to their systems as fast as possible. However, due to the strict security requirements of this patient-level data, they were forced to transfer the data manually, which delayed the availability of data by an entire month, prolonging the drug development cycle and reducing the value of the data.
- Onboarding New Customers
A national services provider was faced with a dilemma that was seriously jeopardizing its business. The company handled data for several corporate customers. The challenge was that new customers would not allow the company to onboard their sensitive data to their platform because it did not support unique encryption keys for each client, nor did it offer a clear upgrade path to add client-level encryption to their platform. Due to this limitation, the company’s ability to acquire these customers was at risk.
There are numerous examples like these, and you may be having similar experiences. The good news for these companies, and many more like them, is a new data encryption technology that enables companies to protect sensitive data while it is being shared and used – opening new possibilities for data monetization, and for driving better business outcomes.
To read more about how businesses have overcome their data security challenges to drive their data monetization strategies and mission-critical use cases, click here.