Data breaches are a significant news story, they cause anxiety among IT and executive teams and can decrease the confidence of customers and employees. However, companies who share data with purpose are a growing business trend driven by the capacity to securely access and amplify data from other sources. This is leading to the development of « frenemies » which are when companies collaborate in a specific market to accomplish objectives like detecting patterns of fraud or gain deeper insight into customers.
By sharing and analysing insights that you share, you will gain valuable perspectives that are either impossible or difficult to attain on an individual basis. For example, the data that employees gather from various departments can help determine ways to connect with customers or enhance marketing and sales strategies. This allows companies to spot opportunities and gain an advantage.
Inconsistent and inaccurate information can cause delays in decision-making and disrupt internal processes and operations. This is especially true in industries which are highly transactional. Inaccurate information can reveal false customer information like the contact information and purchase history. This can hamper effective communication and lead to discontent over time.
Data sharing can solve this problem by allowing the analytics team to focus on more detailed analysis that will produce more effective and effective business outcomes. Additionally, using data from other departments will remove any inconsistencies or discrepancies on reports that can hamper operational efficiency and create confusion for teams that need to use the data. Sharing data gives the analytics team to concentrate on other important tasks, like helping other teams to comprehend what data is telling them about their efforts.