Imagine that you and your colleagues are in a forest in order to survive and prosper, and create a new, flourishing society. By working together with your colleagues, each with their own perspective and knowledge you will be able to navigate the unpredictable and wild terrain, stay clear of dangers, and discover hidden treasures. Data sharing in business is a lot like sharing knowledge and resources, companies can collaborate more efficiently and have greater success than they could on their on their own.
According to an earlier Gartner study, organisations that successfully promote and implement practices to share data outperform their counterparts on most key performance indicators. Through facilitating cross-departmental collaboration as well as external collaboration, these organizations can better identify the value of data and develop it into a product.
Sharing information within the business also allows companies to tackle internal issues faster and increase efficiency of operations. If, for example sales declines, the extensive data collected by collaboration could help identify the cause of the problem. This could be due to product or market issues. Sales and marketing strategies that can combat the issue could be devised by identifying the root cause.
Businesses across nearly all industries can benefit from B2B data-sharing technologies. For instance, financial services companies can benefit from real-time multi-party B2B data sharing to automate and streamline Know Your Customer (KYC) processes. This will eliminate the requirement for banks to onboard customers who have already completed KYC with their consortium partners, which saves time and money while increasing customer experience.