The concept of sharing in business usually means the sharing of resources or space however when applied to data, it can be transformative. Data is the primary driver of every business, from idea to execution. Data has to be shared for the business to move forward. Sharing allows for an even distribution across departments, partners and even external collaborators. It’s a recent trend that is gaining momentum as businesses discover the advantages of securely and efficiently distributing data resources.

Businesses can share data in a variety of ways such as with other teams within the company, with partners, or by providing direct access to data sets as an option. Sharing information between departments is an excellent method to boost productivity and foster innovation. It also helps to eliminate siloed mentalities and misunderstandings which hinder collaboration.

Internally sharing can lead to more precise reporting and analysis which improves communication and decision-making. It also reduces the need for redundant tasks, and optimizes the distribution of resources. For instance, if the analytics team is required to devote long hours preparing reports or assisting customers which takes them away from other important projects that can be more beneficial to the business.

Sharing practices can provide companies with an advantage in the market. For example having access to shared industry data can help companies quickly spot market trends and pivot their strategies, often before competitors are aware of them. This flexibility can lead to an increase in performance and less risk.

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