Benefits of Business Data Sharing

Imagine that you and your colleagues are exploring the jungle with the aim to survive, thrive, and establish a new, flourishing society. Working together with your colleagues, each with different perspectives and skills in the field, you can navigate the unpredictable and wild terrain, avoid dangers and uncover hidden treasures. Through sharing resources and knowledge businesses can have greater success and work more effectively.

According to a recent Gartner study, organisations who successfully promote and implement practices to share data outperform their counterparts in the majority of performance indicators. This is due to facilitating cross-departmental collaboration and external collaboration, they are more able to identify and create value from data.

Sharing information within the business also allows companies to tackle internal issues more quickly and improve efficiency of operations. For instance in the event that sales growth is slowing by a significant amount, the extensive data collected through collaborative efforts can reveal the root of the issue that could be due to product or market issues. By identifying the root cause marketing and sales strategies can be developed to counteract the issue and boost revenue growth.

Companies across all industries can benefit by using B2B data sharing technology. Financial services companies, for example can benefit from real-time multiparty B2B data-sharing to simplify and automate Know Your Customer processes. This means that there is no need for banks to accept customers who have already completed KYC processes through their consortium partners. It saves time and money, while improving customer experience.

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