Data breaches are a major news story, they cause fear among executives and IT departments as well as erode employee and customer confidence. Enterprises that share data with purpose have become a growing trend, fueled by their ability to get access to and enhance insights from outside sources. This is the reason for the emergence of “frenemies” where companies collaborate in a specific market to achieve objectives like identifying patterns of fraud or gain deeper insight into customers.
Sharing and analyzing data with colleagues can also give valuable perspectives that would be difficult or impossible to get on a personal basis. For instance, the data that employees gather from different departments can help to identify ways to connect with customers or improve sales and marketing strategies. This can help companies identify opportunities and gain a competitive advantage.
Inconsistent and inaccurate information can delay decision-making and even disrupt internal processes and operations. This is particularly true in industries that are highly transactional. Inaccurate data may reveal incorrect customer information such as contact details and history of purchases. This can hinder effective communication and cause frustration over time.
Data sharing can solve this issue, letting the analytics team to focus on more detailed analysis that could lead to more efficient and effective business results. Additionally, leveraging data from other departments can eliminate any inconsistencies or discrepancies within reports, which could slow down operational efficiency and cause confusion for teams that need to use the data. Data sharing gives the analytics team to concentrate on other important tasks, like helping other teams understand what data is telling them about their work.