The concept of sharing in business typically refers to sharing resources or space, however when applied to data, it can be transformative. Data is the key driver of every business, from idea to execution. It is essential to share it to propel the organization forward. Sharing allows for a fair distribution across departments, partners and other external collaborators. It’s all part of a new trend which is gaining momentum as companies look into the benefits of seamlessly and securely distributing data resources.
Businesses can share data in various ways – with other departments within the company, with partners, or by providing direct access to data sets as a service. Sharing information between departments is a fantastic way to increase productivity and stimulate innovation. It also helps break down siloed thinking and miscommunications that can hinder collaboration.
Internally sharing facilitates more precise analysis and reporting which improves communication as well as decision-making. It also helps eliminate redundant tasks, and optimizes the allocation of resources. If the analytics team has to spend too long preparing or responding to tickets, they will be in a position to not be able to focus on other tasks that could make a bigger impact on an organization.
Implementing sharing practices can give companies a competitive edge in the marketplace. Access to information shared in the industry is one example. It allows companies to quickly spot trends in the market and pivot strategies – before competitors are aware of them. This flexibility can result in an increase in efficiency and a lower risk.