Business Data Storage and Sharing

In a business setting the term «leveraging data» refers to sharing information with other people to assist them in solving issues and make better informed decisions for long-term success. To reap the benefits of sharing and storage of data in business, companies must have a system in place that allows seamless, secure data access.

The biggest hurdle for most businesses is to change their culture from one of data ownership to one of sharing. In many companies, departments are hesitant to provide their data to teams from other departments because they do not trust them. This kind of culture can hinder a company’s capability to make data-driven decisions and build beneficial, sustainable partnerships.

To overcome this hurdle an organization must implement a system which fosters collaboration among employees and facilitates the sharing of information across 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 allow companies to share their data with «frenemies» in a specific market sector to build more robust data sets and achieve goals in business that they can’t achieve alone.

B2B data sharing can take many forms. It could be a simple interface between two systems or a marketplace in which businesses purchase and sell their internal data. But, regardless of the size or scope of the sharing network, its fundamental goal is the same: to provide more value to businesses and assist them to realize a return on their investment in data analytics.

business data storage and sharing