In the context of business using data effectively is sharing information with other people to assist them in solving problems and make more informed decisions to ensure long-term success. To benefit from sharing and storage of data in business, businesses must have a system that offers seamless, secure data access.
The most significant challenge for many companies is changing the culture of data ownership into one that is based on sharing. In many organizations departments are hesitant to provide their data to other teams as they don’t trust them. This type of culture can inhibit a company’s ability to make informed decisions based on data and also create beneficial, scalable data partnerships.
To overcome this obstacle companies must establish a system that fosters collaboration among employees and encourages sharing of data across the company. Modern technology makes it simpler and more reliable to attain these goals. Many businesses have created platforms for B2B data sharing. This allows companies to share data with “frenemies” within a particular market sector, to create more robust data sets.
The B2B data-sharing process can take a variety of forms, from a simple point-2-point interface between two systems to a full-fledged marketplace for businesses to buy and sell their internal data. No matter how large or small the network that site is but the aim remains the same: to help businesses realize a return on the investment in data analytics.