Imagine yourself and your team traversing a jungle to survive, prosper and establish a thriving new society. By working together with your colleagues, each bringing their own perspective and knowledge in the field, you can navigate the wild and unpredictable terrain, avoid dangers, and uncover hidden treasures. By sharing knowledge and resources, businesses can achieve greater efficiency and achieve greater success.
According to a Gartner study published recently, companies that have implemented and promoted data sharing are the most successful in majority of key performance indicators. This is due to facilitating cross-departmental and external collaboration, they are more capable of identifying and creating value from data.
Sharing data helps organizations improve their operational efficiency and functions of board resolve internal issues more quickly. If, for instance sales growth is slowing, the vast data gathered through collaboration could help identify the cause of the problem. It could be due to market or product issues. If you can identify the root cause marketing and sales strategies can be developed to combat the issue and boost revenue growth.
Businesses from all industries can benefit from B2B data-sharing technologies. For instance, financial services companies can make use of real-time multiparty B2B data sharing to streamline and automate Know Your Customer (KYC) processes. This will eliminate the need for banks to accept customers who have already completed KYC processes with their consortium partners. It saves time and money while improving the experience for customers.
