The Benefits of Data Sharing

Posted by Security Vault

Data breaches are a major news story, they create anxiety among executives and IT departments and can decrease the confidence of customers and employees. Enterprises that share data with purpose have become a growing trend, fueled by their ability to obtain and amplify information from outside sources. This is driving an era of “frenemies” within a particular market segment, where companies collaborate to accomplish common goals, like gaining more detailed customer insights or identifying fraud patterns at a larger scale.

By sharing and analyzing insights by sharing and analyzing insights, you can gain valuable perspectives which are difficult or impossible to gain on an individual basis. For instance, the data gathered by employees in various departments can help determine ways to connect with customers or enhance marketing and sales strategies. This can help companies identify opportunities and gain a competitive advantage.

Inconsistent or inaccurate data can cause delays in decision-making and disrupt internal processes and operations. This is particularly the case in industries that are highly transactional. Inaccurate data may uncover inaccurate customer information, such as the contact information or purchase history, which may hinder effective communication and potentially cause dissatisfaction or trust decline over time.

Data sharing can help solve this issue by allowing your analytics team to focus on deeper analysis that could produce more effective and effective business outcomes. Additionally, leveraging data from other departments can eliminate disparities and inconsistencies within reports, which could affect operational efficiency and cause confusion for teams who must use the data. Sharing data with analytics gives the team more time to focus on other essential tasks, like helping other teams understand what data is telling them about their initiatives.