Data breaches are a significant news story, they cause anxiety among IT and executive teams and decrease the confidence of customers and employees. However, companies that share data purposefully are becoming a trend in business driven by the capacity to securely access and enhance information from external sources. This is causing the rise of “frenemies” which are when companies collaborate in a specific market to accomplish objectives like identifying patterns of fraud or gaining more insight into the behaviour of customers.

Through sharing and analyzing data by sharing and analyzing insights, you can gain valuable perspectives that are hard or impossible to get on an individual basis. The data gathered by employees from various departments, for instance can help to identify ways to engage customers or enhance sales and marketing strategies. This helps businesses identify opportunities and gain an advantage.

Inconsistent or incorrect data can hinder decision-making and create chaos in internal processes and operations, particularly in a highly regulated industry. Inaccurate information could reveal false customer information, like contact details or purchase history, which can detract from effective communication, and may result in discontent and trust decrease over time.

Data sharing can help solve this issue, allowing the analytics team to focus on more detailed analysis that will result in more efficient and effective business outcomes. In addition, leveraging data from other departments can help eliminate disparities and inconsistencies of reports, which can hinder operational efficiency and create confusion for the teams that make use of the data. Data sharing also frees up the analytics team to focus on other important tasks including helping other teams understand what data is telling them and how it is related to their particular initiatives.