Imagine yourself and your team exploring a forest in order to survive, thrive and establish a thriving new society. Going it alone on your own will likely lead to jaguar flogging, but working in a team, each bringing their unique perspectives and expertise, will help you to navigate through the rough and unpredictable terrain, dodge dangers, and uncover hidden treasures. Through sharing resources and knowledge businesses can have greater success and collaborate more effectively.
According to an earlier Gartner study, companies who successfully promote and implement practices to share data outperform their competitors on a variety of key performance indicators. Through facilitating cross-departmental and external collaboration, these businesses are better at identifying data and create value.
Sharing data allows organisations to improve their efficiency at work and address internal issues more quickly. If, for instance sales growth is slowing, the large amount of data collected through collaboration efforts could uncover the root of the issue. This could be related to product or market issues. By identifying the root cause marketing and sales strategies can be designed to fix the issue and revive revenue growth.
All industries of business benefit from B2B technology for sharing data. Financial services companies, for example can make use of real-time multiparty B2B data-sharing to automate and streamline Know Your Customer processes. This could eliminate the need for banks to take on customers that have already completed KYC with their consortium partners, saving time and money while increasing the customer experience.