Imagine yourself and your team exploring a forest in order to survive, flourish and build a flourishing new society. Doing it all by yourself will make you jaguar fodder, but working in a team, each bringing their unique perspectives and knowledge, will enable you to navigate the wild and untamed landscape to avoid dangers and discover hidden treasures. By sharing resources and knowledge businesses can have greater success and work more effectively.
According to a Gartner study released recently, organisations that implement and promote data sharing are the most successful in majority of key performance indicators. Through facilitating cross-departmental collaboration as well as external collaboration, these organisations are better equipped to recognize data and produce value.
Sharing data within the company allows organizations to address internal issues faster and improve operational efficiency. If, for instance, sales growth is slowing, the rich datasets collected through collaborative efforts may identify the root cause of the problem. This could be due to product or market issues. Marketing and sales strategies that can combat the issue could be devised by identifying the primary cause.
All industries of business are able to benefit from B2B data sharing tools. Financial how big should the quorum be service companies, for instance can make use of real-time multiparty B2B data-sharing in order to simplify and automate Know Your Customer processes. This means that there is no need for banks onboard customers who have already completed KYC processes through their consortium partners. Saving time and money and improving the customer experience.