The Benefits of Data Sharing

Data breaches are a significant news story, they cause fear for IT and executive departments as well as affect the trust of employees and customers. Enterprises that share data purposefully are becoming more common that is fueled by their capacity to access and amplify insights from outside sources. This is leading to an era of “frenemies” across a specific industry, where companies cooperate to achieve common goals, like gaining more detailed customer insight or identifying fraudulent patterns on a large scale.

By sharing and analyzing insights that you share, you will gain valuable perspectives that are either impossible or difficult to gain on an individual basis. The data collected by employees from different departments, for instance, can help identify innovative ways to connect with customers or enhance strategies for sales and marketing. This helps businesses identify opportunities and gain an advantage.

Inconsistent and inaccurate data can result in delays in decision-making and even disrupt internal processes and operations. This is especially the case in industries that are highly transactional. Inaccurate data can reveal inaccurate customer information such as contact details and history of purchases. This can hinder efficient communication and result in frustration over time.

Data sharing can address this issue, letting the analytics team focus on more detailed analysis that could lead to more efficient and successful business outcomes. Additionally, utilizing data from different departments will remove any inconsistencies or discrepancies on reports that can hamper operational efficiency and cause confusion for teams who must make use of the data. Data sharing also frees up the analytics team to focus on other important tasks like helping other teams understand what data is telling them and how it is related to their specific initiatives.

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