Data Privacy

The only useful data is accurate data

Much has been made in recent years of data being the new oil – an abundant, rich and neverending resource ripe for gathering and exploiting.

And it’s certainly true that each one of us is generating more data than ever before – over 2.5 quintillion bytes of data every single day, according to Domo’s most recent Data Never Sleeps report.

It’s also indisputable that this number is only going to keep growing – the same report estimates that by 2020, 1.7MB of data will be created every second for every person on earth.

So far, so good – but it is beyond here that the analogy with oil stops. Why? Because using oil in the ground follows a known and accepted path to profit – drill, extract, refine, then sell. Simple.

Data, on the other hand, is far more nebulous, giving companies that want or need to use it one big problem in common – how to get hold of data that is useful.

That’s because data is not a volume game, at least if you’re not in adtech or advertising. It’s not how much you’ve got that counts, it’s what you can do with it.

And that, by and large, means you need accurate data – up to date, complete, longtitudinal, correct.

Sourcing that is harder than you might think. Recent findings by Experian discovered that many organisations suspect that almost a third of their data is inaccurate.

The study also found that incorrect ownership, and associated lack of trust in that data, are two of the most common factors preventing businesses from using data to their advantage.

So, what can be done? The answer is pretty simple when you think about it – get the data you need from source, the person who created it.

Each of us is the biggest single expert on us – our health issues, finances, what we like and don’t like.

That, in turn,  makes individuals the single biggest source of accurate data about them, something companies are starting to wise up to. Why buy in bad data from third parties, when you can easily get better data directly?

Value exchanges are becoming increasingly important as part of this shift – the consented exchange of data for something desirable in return, whether that be personalised products, services or greater convenience.

Here at, our Private Sharing platform enables just such an exchange to take place, benefiting both sides.

Companies get the accurate data they need, driving forward innovation in products and services, and individuals get something in return for sharing it.

This is a true win-win, and this data mobility will become the bedrock of the Personal Data Economy, enabling it to reach its full potential.

If you want to find out more, or are interested in working with us, get in touch!