Imagine that you and your colleagues are in the middle of a my explanation forest with the aim to survive and prosper, and create a new, thriving society. Going it alone on your own is likely to cause you to become jaguar fodder but working together, bringing their unique perspectives and knowledge, will enable you to navigate through the dangerous and uncertain landscape, dodge dangers, and discover hidden treasures. Data sharing in business is similar to sharing knowledge and resources, businesses can collaborate more efficiently and have greater success than they could on their on their own.
According to a recent Gartner study, organizations who successfully promote and implement data-sharing practices outperform their competitors in a wide range of performance indicators. This is because, by encouraging cross-departmental and external collaboration, they are better than able to recognize and generate value from data.
Sharing data allows organizations to enhance their efficiency and address internal problems more quickly. If, for instance sales growth is slowing, vast data gathered through collaborative efforts may uncover the root of the problem. This could be related to product or market issues. Marketing and sales strategies that counteract the problem can be developed by identifying the root cause.
Businesses across nearly all sectors can benefit from B2B data-sharing technologies. Financial services companies, for example, can use real-time multiparty B2B data-sharing to automate and streamline Know Your Customer processes. This means that there is no need for banks to onboard customers who have already completed KYC processes through their consortium partners. This saves time and money and improving the customer experience.
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