The concept of sharing in business usually refers to combining resources or space, but when it comes to data, it can be transformative. Data is the primary driver of every business, from idea to execution. It must be shared to help the company move forward. Sharing allows for an equal distribution of data across departments, partners, as well as with external collaborators. It’s a recent trend that is growing in popularity as businesses discover the benefits of seamlessly and securely distributing data resources.

There are numerous ways that businesses can share their data – internally with other teams and partners, or by allowing direct access to their own data sets as a service that can be monetized. Sharing information across departments is among the most efficient ways to increase productivity and encourage innovation. It also helps in removing siloed mindsets and misunderstandings that can prevent collaboration.

Internally, sharing allows more accurate reporting and analyses which enhances communication and decision-making. Additionally, it eliminates unnecessary tasks http://ofboardroom.com/donor-advised-funds-vs-private-foundations and improves the use of resources. For instance, if an analytics team must spend too much time writing reports or assisting with tickets they are unable to focus on other important projects that can be more beneficial to the organization.

Implementing sharing practices can give companies an edge in the market. Access to shared data within the industry for instance, enables organizations to quickly identify market trends and pivot strategies – long before competitors know about their own. This flexibility can result in a higher level of performance and a lower risk.