Data breaches are the subject of headlines and can cause fear among executives and IT departments, and undermine confidence in employees and customers. However, companies that share data for the purpose of sharing are a growing business trend driven by the ability to securely access and amplify data from other sources. This is leading to a new era of “frenemies” across a specific market sector, where enterprises work together to achieve common goals, like gaining more detailed customer insights, or to detect fraud patterns at a larger scale.
Sharing and analyzing data with peers can also offer valuable insights that would be difficult or impossible to acquire on a personal basis. For instance, the data that employees gather from different departments can help to identify new ways to reach customers or enhance sales and marketing strategies. This helps companies discover opportunities and gain a competitive advantage.
Inconsistent or inaccurate data can delay decision-making and wreak havoc in internal processes and operations, particularly in a highly transactional industry. Inaccurate data could reveal incorrect customer information like the contact information and purchase history. This can hinder effective communication and cause dissatisfaction over time.
Data sharing can alleviate this problem by allowing the analytics team to concentrate on deeper analysis that could produce more effective and effective business results. Additionally, leveraging data from other departments can help eliminate disparities and inconsistencies within reports, which could hinder operational efficiency and create confusion for teams who must make use of the data. Sharing data with analytics gives the team more time to focus on other important tasks such as helping other teams be aware of what data is telling them about their initiatives.
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