Four essential steps to build a game-changing data marketplace

What is a data marketplace? And could it be a game-changing solution to harness the full potential of my organization’s data assets?

If those questions are on your mind right now, continue reading. We have quite some exciting insights to share after implementing the Collibra Data Marketplace at some of our clients.

What exactly is a data marketplace?

A data marketplace (also known as a data shop) is a centralized platform where you can make data assets available for internal use. It acts as a one-stop (self-service) shop for various types of curated data that employees or teams within your organization can access and utilize for their business needs. And just like in any other shop, data consumers can shop for curated data products, put it in their basket, go to the check-out, and take it home.

Why should you invest in a data marketplace?

In fact, there are many good reasons to invest in a data marketplace. Let’s list the most important ones:

• Since a data marketplace serves as a one-stop shop for data, it helps reduce redundancies and data costs and enables more efficient usage of data technologies.
• Moreover, a data marketplace will democratize your data and increase its value throughout your organization. That’s because it’s a centralized platform where everyone can easily access curated data products that resonate with your business.
• Finally, it will boost your data consumers’ trust in the data they are working with. After all, a data marketplace delivers complete data products that are certified and governed to ensure their quality.

So, how do you build a thriving data marketplace?

In our experience, there are 4 essential steps your organization must take to create a self-service data marketplace where data consumers can easily request access to trusted data and maximize its value.

• Define the data products you want to provide

As a first step, carefully consider the data products you want to offer. In doing so, remember you are not trying to build a Data Catalog containing your organization’s entire data landscape. Instead, focus on building a platform where high-quality, ready-to-use curated data can be consulted.

But how do you actually determine which data products to provide in your data marketplace?

Outline various use cases and identify the end-user profiles that will benefit most. Prioritize data products by looking at the most frequently used, complete, and up-to-date data. And take the time to understand your data consumers, involving potential users from various departments or teams in the marketplace creation process. Their input and feedback will be invaluable to ensure your data marketplace meets their needs and expectations. If your data marketplace doesn’t resonate with your business, your data consumers will simply not use it.

• Prepare and organize your data products

Seamless searching and accessing data in your data marketplace requires meticulous organization and labeling of your data products. This entails the creation of a central data catalog enriched with tags, glossaries, and metadata that maintain consistent organization and provide clear explanations of business terminologies.

Moreover, it's essential to recognize the distinct roles that a data catalog and a data marketplace play in facilitating the efficient use of your data. A data catalog's core function is to structure and clarify the variety of available data resources, empowering users to navigate and interpret them with precision. In contrast, a data marketplace prioritizes the accessibility and application of curated data products, enabling users to leverage tailored insights that align with their specific business requisites. It's worth noting that establishing a data catalog serves as a fundamental step in creating a robust data marketplace.

• Enforce robust governance for marketplace integrity

Once your data products have been adequately cataloged, the journey toward a thriving data marketplace requires strict governance practices.

It helps to draw a parallel with a conventional shopping experience to understand this. When you make a purchase, you expect the item to be of optimal quality, free of defects, and instantly usable. The same applies to data products within the context of a marketplace. That’s why it's crucial to establish transparent governance prerequisites that every data product must meet before it obtains the required certification label and is included in your data marketplace. This involves - among others - foundational metadata, comprehensive definitions, rigorous quality benchmarks, and ownership attribution.

In particular, Collibra offers functionalities that streamline this process by using precise filters that distinguish assets eligible for the data marketplace from those not. This capability ensures that the Collibra Data Marketplace is enriched with data products of the highest quality, enhancing data consumers’ trust and amplifying the value derived from your data.

• Ensure accessibility and usability

Realizing a user-friendly data marketplace requires appropriate search functionality that enables end-users to swiftly locate the data they need, regardless of its source. The Collibra Data Marketplace, for example, allows for a tailored search experience through features such as relation-based filters that make it easy to refine searches as needed. Moreover, the Collibra Data Marketplace promotes interaction through contextualized workflows, encouraging collaboration and seamless data utilization across the organization.

Lastly, establishing an easy self-service data access process empowers data consumers to request and obtain the data they are looking for without any effort. That, in turn, democratizes your data, enabling all stakeholders throughout your organization to leverage the available resources effectively.

Need a helping hand?

If you have any questions or want to exchange thoughts on implementing those four essential steps to build a game-changing data marketplace, get in touch. We’ll be glad to help you achieve a solution that harnesses the full potential of your organization’s data assets.