The Benefits of Data Sharing

Data breaches generate headlines and can cause fear among executives and IT departments, and undermine customer and employee confidence. However, enterprises that share data purposefully are a rising trend in the business world that is driven by the capability to gain access to and amplify information from outside sources. This is triggering a new era of « frenemies » within a particular market, where businesses collaborate to achieve common goals such as deeper customer insights or identifying fraud patterns on a massive scale.

Through sharing and analyzing data by sharing and analyzing insights, you can gain valuable perspectives that are hard or impossible to obtain on a personal basis. For instance, the data collected by employees from different departments can help to identify new ways to engage customers or improve marketing and sales strategies. This can help companies identify opportunities and gain a competitive advantage.

Inconsistent or inaccurate data can delay decision-making and wreak havoc with internal processes and operations, especially in a highly transactional business. Inaccurate information can reveal false customer information, such as contact details and history of purchases. This can hamper effective communication and lead to dissatisfaction over time.

Data sharing can ease this issue, allowing the analytics team to focus on more in-depth analysis that can drive more impactful and efficient business results. Additionally, utilizing data from other departments can eliminate discrepancies and inconsistencies within reports that could hinder operational efficiency and create confusion for teams who must make use of the data. Data sharing gives the analytics team more time to focus on other crucial tasks including helping other teams to understand what data is telling them about their projects.

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