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December 03, 2021 | Report
Data philanthropy is sharing otherwise proprietary company data collected in the course of business and/or data resources with third parties for the benefit of society at no cost to the recipient.
Companies use vast amounts of data—both qualitative or quantitative values about people or objects in digital form—to make better products and services. Starbucks determines the potential success of new locations using information on location, traffic, area demographics, and customer behavior.[1] General Electric uses data gathered from its wind turbines to help power-generating providers increase production by up to 10 percent from the same amount of wind.[2] Progressive Insurance uses billions of miles of customers’ driving data to predict customers at higher risk for accidents. Using this information, it can offer preferred rates to safe drivers.[3]
Companies have another potential way of using the vast amounts of data they collect: to serve society via data philanthropy. Data philanthropy has been employed for the
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