In the context of business the term “leveraging data” refers to sharing information with other people to help them solve problems and make better decisions to ensure long-term success. To benefit from data storage and sharing in business, companies must have a platform that offers seamless, secure data access.
The biggest challenge facing most organizations is to shift the culture from one of data ownership to one of sharing. Many departments are hesitant to divulge their data to other teams because they don’t trust them. This type of culture can hinder a company’s capability to make data-driven decision and create important, sustainable partnerships.
To overcome this issue an organization must implement a system that promotes collaboration between employees and encourages the sharing of data within the organization. Fortunately, technology today provides an easier and more reliable approach to achieve these goals. A number of companies have established platforms for business to business (B2B) data sharing, which allows companies to share their information with “frenemies” within a specific market sector to develop more robust data sets and achieve business goals that they couldn’t accomplish by themselves.
The B2B data-sharing process can take a variety of forms, from a simple point-2-point interface between two systems to a full-fledged marketplace for businesses to purchase and sell their data. No matter how big or small the network is, the goal remains the same – to help businesses realize a return on the investment in data analytics.