Imagine yourself and your team exploring the jungle to survive, prosper and establish a thriving new society. As you work with your colleagues, each bringing their own perspective and knowledge in the field, you can navigate the unpredictable and wild terrain, avoid dangers and uncover hidden treasures. By sharing knowledge and resources, businesses can achieve greater success and collaborate more effectively.
According to a Gartner study published recently, organizations that use and promote data sharing have the highest performance on the majority of performance indicators. By facilitating cross-departmental collaboration and external collaboration, these businesses are better equipped to recognize the value of data and develop it into a product.
Sharing data can help organizations increase their efficiency in operations and address internal issues more quickly. If, for instance sales growth is slowing, extensive data collected by collaboration could identify the root cause of the problem. This could be related to market or product issues. Marketing and sales strategies that can combat the issue could be developed by identifying the primary reasons.
All industries of business can benefit from B2B data sharing tools. For instance, financial services businesses can use real-time multi-party B2B data sharing to streamline and automate Know Your Customer (KYC) processes. This will eliminate the need for banks to take on customers who have already completed KYC with their consortium partners, thus saving time and money while improving customer experience.