Imagine that you and your colleagues are in the middle of a forest with the goal of surviving and thrive, and build a new, flourishing society. Working in tandem with your colleagues, each bringing different perspectives and skills, you can navigate the untamed and unpredictably terrain, stay out of danger, and uncover hidden treasures. Data sharing in business is similar to that: by sharing knowledge and resources, companies can collaborate more efficiently and have greater success than they could on their own.
According to a recent Gartner study, companies that are able to successfully promote and implement practices to share data outperform their counterparts in the majority of performance indicators. By facilitating cross-departmental collaboration and external collaboration, these organizations are better equipped to recognize the value of data and develop it into a product.
Sharing data within the company allows companies to tackle internal issues faster and improve efficiency in the operation. If, for example sales are slowing, vast data gathered through collaboration could reveal the cause of the issue. It could be due to market or product issues. By identifying the root cause, sales and marketing strategies can be designed to fix the problem and re-energize revenue growth.
Businesses across all industries can benefit by using B2B data sharing tools. For example, financial services companies can make use of real-time multiparty B2B data sharing to automate and streamline Know Your Customer (KYC) processes. This https://www.boardarea.info/the-role-of-a-board-directo eliminates the need for banks onboard customers who have already completed KYC processes with their consortium partners. The result is a reduction in time and cost and improving the customer experience.