Being in the data space for a long-time you get familiar with the tried and true ways of doing common tasks. Nothing is truer than using files to exchange data with clients, vendors and affiliates. You inevitably start with an agreement on the format, then set up a secure point-to-point drop location, and then extract the information. And on the other side, the process is reversed. Usually this process takes weeks to setup and runs at a set interval. Although this works, the big challenges are speed to market and the amount of new feeds and information that each partner has the appetite to setup. As a result, traditional data exchanges are usually limited for only the most pressing needs.
What if there was a different way to instantaneously and securely share data with your clients, vendors and affiliates? One that safely made the right data available, real-time and without copying, to the right partner.
Welcome to Snowflake Data Sharing. When I first heard of Data Sharing, it took only a matter of seconds to understand the implications to the larger Data Ecosystem and how this one feature would become a game changer. The key is that data can be shared through the Snowflake platform across region, across Cloud provider, without copying data. Let me pause here for a minute. No more complicated efforts to copy and move data. No more delays in setup and receiving data. And, no more costs. This single feature standardizes how data can be shared, regardless of where data is located. Once setup, your clients, vendors and affiliates just see the data in their own Snowflake Data Warehouse as though it was their data.
Imagine the use cases that could be enabled with Data Sharing. I truly believe that this feature will fundamentally expand our access to valuable data to achieve critical business outcomes such as improved margins, increased revenues, competitive advantages, data-driven organizations, and customer centricity. Now, more than ever, data can truly become a strategic asset that elevates IT from a cost center to a profit center.
Let’s explore the main types of Data Sharing through use case examples.
Option #1 – Snowflake to Snowflake Data Sharing for Financial Service Affiliates
This type of data sharing creates a producer to consumer link between Snowflake customers that allows data to be securely seen within the consumer’s Snowflake Data Warehouse. As an example, a large financial services company was required to share security holdings information with its parent. This information was aggregate across affiliates for compliance filings. With Snowflake Data Sharing, the financial services company only had to provide access to their existing data to its parent. Since they controlled the access, they only exposed the data that was required. This single feature is projected to eliminate nearly a 100 thousand dollars of processing and maintenance costs. And since the data was available real-time, errors could be corrected quickly and fines due to delays and missing data greatly reduced.
Option #2 – Snowflake Private Data Exchange to create Value-Add Services
This type of data sharing creates a set of discoverable data sets for invite-only consumers. As an example, a large logistics company with access to product trends across brands created a revenue producing service for its customers. One of the new services provided a data set with trend information aggregated by category across geographies and customer types. Consumers were able to subscribe to this information and combine it with their own internal data to project demand. This service not only increased revenue for the logistics company but provided their clients with a margin improving service that became embedded in their internal processes.
Option #3 – Snowflake Public Data Exchange
This type of data sharing enables a data set to be shared with the larger Snowflake community. Some data sets are a freemium model where a sample is available to gain an understanding of its value. Others are available for free of charge. For companies that have a unique or rare data set, the Public Data Exchange is a great way to build awareness for their company and monetize their data. More and more companies are becoming data providers and growing their client base and revenue streams. Examples include financial data from Factset, weather data from Weather Source, COVID-19 data from multiple providers, and census data from SafeGraph to name just a few.
With Snowflake Data Sharing, it has never been easier to gain access to critical data from your partners, suppliers and affiliates. Data Sharing is rapidly changing how we use data by eliminating the barriers to acquiring new data. By expanding the Ecosystem of data providers, unique use cases and services can be created that were rarely possible in the past. It is a great time to be in the Data & Analytics space. This truly is becoming the new gold rush as companies discover new uses of their data and those in their network.
What business outcomes and corporate goals could your company achieve if you only had more data?