Data breaches make headlines, strike fear in executives and IT departments, and erode customer and employee confidence. However, companies who share data with purpose are a growing trend in business that is driven by the capability to gain access to and amplify insights from external sources. This is leading to an era of “frenemies” across a specific market sector, where enterprises collaborate to accomplish common goals, such as gaining deeper customer insights or detecting fraud patterns at scale.
Through sharing and analyzing data that you share, you will gain valuable perspectives that are difficult or impossible to gain on an individual basis. For example, the data collected by employees from various departments can help determine new ways to communicate with customers or enhance sales and marketing strategies. This helps businesses identify opportunities and gain a competitive advantage.
Inconsistent and inaccurate data can cause delays in decision-making, and even disrupt internal processes and operations. This is particularly true in industries which are highly transactional. Inaccurate data can reveal incorrect customer information, like contact details or purchase history, which can detract from effective communication, and may cause dissatisfaction or trust loss over time.
Data sharing could solve this problem, allowing the analytics team to focus on more detailed analysis that can result in more efficient and successful business outcomes. Additionally, leveraging data from other departments can help eliminate disparities and inconsistencies on reports, which can slow down operational efficiency and cause confusion for teams that must utilize the data. Sharing data with analytics gives the team more time to focus on other essential tasks including helping other teams be aware of what data is telling them about their efforts.
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