https://allhomebusiness.net/unlimited-resources-with-ma-closing-checklist/
Data breaches are a major news story, they cause anxiety among IT and executive teams as well as reduce the confidence of customers and employees. Companies that share data intentionally have become a growing trend that is fueled by their capacity to get access to and enhance insights from outside sources. This is driving the new era of “frenemies” across a specific market segment, where companies cooperate to achieve common goals, such as gaining deeper customer insights or identifying fraud patterns on a large scale.
Sharing and analyzing information with colleagues can provide valuable perspectives that would be difficult or impossible to get on a personal basis. The data gathered by employees from different departments, for example can assist in identifying new ways to reach customers or improve strategies for sales and marketing. This helps companies discover opportunities and gain a competitive advantage.
Inconsistent or incorrect data can hinder decision-making and cause havoc in internal processes and operations, especially in an industry that is highly transactional. Inaccurate data could reveal inaccurate customer information, such as contact details or the history of purchases, which could detract from effective communication and potentially result in discontent and trust decline over time.
Data sharing can alleviate this issue by allowing the analytics team to focus on more in-depth analysis that can yield more effective and efficient business results. In addition, leveraging data from other departments can eliminate any inconsistencies or discrepancies within reports, which could hamper operational efficiency and cause confusion for teams that need to use the data. Data sharing also frees the analytics team to focus on other crucial tasks, such as helping other teams understand what data is telling them and how it relates to their own specific initiatives.