Why companies can and must have both data utility and privacy

With marketers and publishers prioritising addressability, data collaboration between the two takes on a new importance. Leveraging data collaboration with partners who share the same customers, it$$s possible to close the loop, envisioning the customer journey. Data can also be used to measure impact and incrementally, and apply analytics.

Additionally, regulatory standards and evolving consumer preferences have also underscored the need for hygienic first$-$party data, and to be able to collaborate this data in a neutral and privacy$-$secure data foundation.

In the past, data collaboration required multiple steps before it could be done safely, securely$,$ and while protecting consumer privacy: data would have to be scrubbed to maintain privacy; for partners to access the data, it may have needed to be shared in raw form. New tools ensure that companies can be confident in providing controlled access to their proprietary data or accessing their partner$$s proprietary data securely without sacrificing security or privacy. Raw data is never shared $$ and data never leaves the control of its owners.

In this new landscape, companies no longer must choose just utility, or just privacy. By applying strategies that maximise the security and utility of data where it stands, companies can also maximise the value of this data, with benefits extending into the broader ecosystem.

Source: Marketing Magazine: Why companies can and must have both data utility and privacy

Question:

The purpose of business intelligence $($BI$)$ is to support and facilitate better business decisions. Explain the components of business intelligence $($BI$)$ and discuss the features of any two BI tools that can improve your organisation$$s business processes. You may substantiate your explanation using related examples, diagrams, and or flowcharts.