LiveRamp Publishes New Study Revealing 93% of Enterprises Rely on Data Collaboration to Drive Revenue

LiveRamp (NYSE: RAMP) today released a new study, “Data Collaboration Fuels Revenue Growth,” evaluating how business leaders in retail, consumer packaged goods, financial services, and travel and hospitality are using data collaboration to enable a wide range of revenue-driving use cases across their organizations and between ecosystem partners. The LiveRamp-commissioned study, conducted by Forrester Consulting, reveals that 93% of respondents agree that improved data collaboration is critical to driving improvements in customer loyalty, data quality, regulatory compliance, and more.

The study explores how the ability to collaborate with data — defined by combining and analyzing data sets in a secure, privacy-centric manner — enables a breadth of opportunities for businesses facing major ecosystem hurdles, including third-party cookie deprecation, fragmented data sources, and complex privacy requirements. Key highlights include:

Personalization is a leading priority where data collaboration adds significant value

All respondents are already doing limited level of data collaboration both internally and externally with their organization, with many turning to partners to enrich their customer understanding:

• 59% of respondents collaborate with external partners who have more first-party data than they do
• 43% collaborate with external partners for access to different types of first-party data

Delivering personalized, privacy‑forward experiences to customers across channels is a top-five use case for all industries surveyed, the findings show it requires organizations to better connect data across the business and customer journey:

• 54% of respondents say that while delivering personalized, privacy-forward experiences across channels is a top use case, only 12% can do this with existing resources
• 49% of respondents also find it important to provide advertisers with more transparency into performance data such as walled garden insights, but only 9% can do so today

Partners with advanced technology and expertise can close gaps in resources

While 93% of respondents agree that improved data collaboration will enhance key use cases, 93% also agree the right partner or technology is critical to doing so. The challenge of unifying siloed data while maintaining privacy and quality of data is the leading factor that has prevented organizations from maturing collaboration abilities on their own.