Data is one of the most valuable assets of today’s business, yet it’s not able to be utilized fully because companies are reluctant to share data. Sharing data from business can bring enormous financial benefits, such as making better decisions, increasing efficiency and productivity, as well as creating new revenue streams. The traditional process of transferring files between systems can be a hassle and time consuming and makes it difficult to scale data-sharing.
Traditionally, enterprises would have to manually create and transfer data to a target platform to be used by other organizations, which was often time-consuming, expensive, and susceptible to errors. This was particularly problematic when data sets were large or complex, since the process of the conversion of them into usable formats posed significant challenges.
Sharing data with partners can improve decision-making and innovation while also encouraging transparency and a culture of collaboration that could create significant value for both parties. It can cut costs, increase the quality of services and products and improve efficiency.
Data sharing can also provide competitive advantages by helping to develop new technologies products, services, or products that address unmet needs in the market. Collaboration with business partners from outside and startups can aid in research and development (R&D) activities, allowing companies to stay ahead the competition by offering new solutions that satisfy real-world consumer demands.
Additionally, a well-designed data sharing strategy can enhance the relationship between a company and its customers by deepening their relationship and increasing trust and loyalty, which are essential pillars of any successful company. As such, it’s important to communicate with customers to let them know about any changes to data collection or sharing practices and get their consent for those changes prior to when they become effective.