In the context of business, using data effectively means you share data with others in order to help them solve their problems and make better-informed choices for the long-term development. To benefit from the benefits of business data storage and sharing there must be a system in place that provides seamless and secure access to shared data.
The biggest challenge for most companies is changing the culture from one of data ownership into one of sharing. In many organizations, departments are hesitant to provide their data to other teams due to the fact that they do not trust them. This kind of culture could hinder a company’s ability make data-driven decision and create profitable, sustainable partnerships.
To overcome this challenge companies must create a system that fosters collaboration among employees and encourages the sharing of information across the organization. Technology today makes useful content it easier and more reliable to attain these goals. A number of companies have established platforms for business-to-business (B2B) data sharing, allowing companies to share their data with « frenemies » within a particular market sector to develop more robust data sets and accomplish goals in business that they can’t achieve on their own.
B2B data sharing can take a variety of forms. It could be a simple connection between two systems or a marketplace in which companies buy and sell their internal data. Whatever the size or small the network is, the goal remains the same – to assist companies reap the benefits of an investments in data analytics.