In a commercial context making use of data effectively means sharing information with other parties to assist them in solving their problems and make better decisions that will lead to long-term success. To benefit from business data storage and sharing, a system must be set up to allow seamless, secure access to shared data.
The most difficult task for many companies is changing the culture from one of data ownership into one of sharing. In many organizations, departments are hesitant to provide their data to other teams due to the fact that they do not trust them. This type of culture can hinder a company’s ability to make data-driven decisions and build important, sustainable partnerships.
To overcome this challenge, a company needs to establish a system that encourages collaboration among employees and encourages the sharing of data within the organization. Fortunately, technology today provides an simpler and more reliable method to accomplish these goals. Numerous companies have created platforms for business-to-business (B2B) data sharing, which allow companies to share their data with “frenemies” in a specific market sector to build more robust data sets and achieve business goals that they couldn’t accomplish on their own.
The B2B data-sharing process can take on various forms such as a simple point-topoint interface between two systems to a full-fledged marketplace for businesses to purchase and sell their internal data. However, regardless of the size or the scope of the sharing network, the underlying purpose is the same: to offer more value to businesses and help them get a return on their investment in data analytics.
