Benefits of Business Data Sharing

Imagine you and your coworkers exploring a forest in order to survive, thrive and build a flourishing new society. Working in tandem with your colleagues, each bringing their own perspective and knowledge in the field, you can navigate the untamed and unpredictably terrain, stay out of danger, and discover hidden treasures. Data sharing in business is a lot like sharing knowledge and resources, businesses can collaborate more effectively and achieve greater success than they could on their on their own.

According to a recent Gartner study, companies that are able to successfully promote and implement practices for data sharing outperform their competitors on a variety of key performance indicators. This is because, by facilitating cross-departmental and external collaboration, they are more able to identify and create value from data.

Sharing data allows organisations to increase their efficiency in operations and resolve internal issues more quickly. For instance when sales growth is slowing, rich datasets gathered through collaboration efforts can pinpoint what is causing the problem which could be related to market or product issues. Once we have identified the root cause the sales and marketing strategies can be devised to address the issue and revive revenue growth.

Businesses from all industries can benefit from B2B sharing of data technologies. Financial service companies, for instance, can use real-time multiparty B2B data-sharing to automate and streamline Know Your Customer processes. This will eliminate the need for banks to take on customers that have already completed KYC with their consortium partners, thereby saving time and money, while also improving customer satisfaction.