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In a world where data can easily be collected and accessed from many sources, companies that don’t exploit it fully are operating at a competitive disadvantage. Sure, some organisations collect their own data, but they usually keep this in their own data silos. The idea of sharing your own data and getting data from external sources is not that common among companies and public sector organisations.
With such a limited data sharing mindset, companies are missing out on opportunities to improve their operations, spot new market trends, and make decisions more effectively. Data sharing, on the other hand, makes it possible to tap into external data sources to improve risk management and boost the bottom line. Let’s take a closer look at what data sharing is and how businesses can take full advantage of it.
How Data Sharing Boosts Business Outcomes
Data sharing is simply a process of gathering different sets of data from various sources and blending them to create a new set of data. When it’s done on an enterprise-wide basis, it can improve business outcomes and create a competitive advantage. There are many benefits for businesses that are able to take advantage of data sharing, including:
1. Improve Operational Efficiency
Data collection and analysis is an essential part of running a business. However, the amount of data collected and analysed by organisations is not enough. This is why data sharing should be encouraged, as it helps collect data from as many sources as possible and share information within the enterprise.
2. Better Decision Making
When it comes to decision making, the quality of information is crucial. By sharing data, organisations can be sure that the information that drives critical decisions is of the highest quality. Data sharing can help establish the right market research and analysis practices and can help uncover the right opportunities in a timely manner.
3. Reduce Risk
Suppose you run a logistics company and want to know whether your shipment is already on the way to a certain destination. If you don’t have access to real-time data, you may not be able to get the information you need as time is running out. Data sharing allows you to access real-time information on shipments and delivery so you can effectively manage risks.
4. Improve Business Intelligence
Successful organisations have successful business intelligence practices. Data sharing is one of the major components of any business intelligence initiative. It is possible to extract valuable insights from data that is shared by organisations.
5. Consistent and Accurate Data
When you bring in data from outside sources, you are increasing the volume and variety of data – both of which help reduce inaccuracies and inconsistencies. As you aggregate external data, the number of data sources should be significant enough to ensure accurate data representation.
As you can see, data sharing can help you accomplish your business goals in a number of ways. It opens you up to limitless possibilities that can help you manage risks, streamline operations, and make better decisions. If you’re not yet taking advantage of data sharing and have been struggling with your business intelligence, then it’s time to start.
For decades, Informatics has provided cutting-edge software from Insurance to E-government software solutions built to help you run your organisation smoothly and efficiently. By building strong and lasting partnerships with some of the world’s most reputed technology brands, we are able to provide the best solutions in the market. Connect with us today, and let’s start revolutionising your organisation’s processes.
Written by Hiran Wickramasinghe