The Benefits of Data Sharing

Data breaches are a major news story, they create anxiety in IT and executives and can erode employee and customer confidence. However, companies who share their data in a purposeful manner are a growing trend in business driven by the capacity to gain access to and amplify data from other sources. This is causing the rise of “frenemies” which are where businesses work together in a particular market to accomplish goals such as detecting fraud patterns or getting deeper insights into customers.

Sharing and analyzing insights with peers can provide valuable perspectives that might be difficult or impossible to obtain on an individual basis. The data gathered by employees from various departments, for example could help in identifying new methods to reach customers or enhance marketing and sales strategies. This allows companies to spot opportunities and gain an advantage.

Inconsistent or inaccurate data can cause delays in decision-making and disrupt internal processes and operations. This is particularly true in industries which are highly transactional. Inaccurate data may uncover inaccurate customer information, such as the contact information or the history of purchases, which could hinder effective communication and result in discontent and trust erosion over time.

Data sharing could solve this issue, letting the analytics team to focus on more thorough analysis that can result in more Continued efficient and effective business results. In addition, using data from different departments will eliminate any discrepancies or inconsistencies with reports, which can hinder operational efficiency and create confusion for teams who must make use of the data. Data sharing can also free the analytics team to concentrate on other tasks that are crucial like helping other teams comprehend what the data is telling them and how it relates to their own specific initiatives.

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