Data is a critical business tool for every organization, no matter their size, their industry or their technical competencies. We’re living in the new data economy, which means the savviest business operators need to engage in data sharing to derive useful insights and improve their decision-making.
The importance of data sharing is clear for all to see – here’s how to get started.
Types of data sharing
There are various types of data sharing that can be employed by enterprises for positive business outcomes. Scholars in the educational community have a long history of utilizing data sharing for research purposes. Banks and other financial organizations can share data to get a clearer picture of their customers, aiding future decision-making. And those in the retail industry can use data sharing to inform and innovate their rewards and loyalty programs.
Previously data sharing was a complex and drawn-out beast. Organizations needed to protect their privacy and information security, as well as enter into complex legal negotiations every time they wanted to share data. But with something like the Senate Platform by Data Republic, business owners can rest easy knowing their legal, governance and licensing needs are protected and streamlined.
Benefits of data sharing
Anyone who’s had a hand in managing company data understands there’s a wide range of benefits of data sharing. These benefits also vary from company to company, and industry to industry.
- Benefits of data sharing for enterprises: Data sharing reduces inefficiencies, leading to healthier bottom lines. It also increases collaboration and subsequently opens up new opportunities between business leaders.
- Benefits of data sharing for society: It can better inform policy, as well as increase trust with organizations. There are economic benefits and increased innovation, not to mention higher rates of advancement in research.
Data sharing in research
Data sharing in research, especially for industries such as the academic and medical communities, is essential for ongoing innovation. For researchers, it streamlines their day-to-day tasks and allows for greater understanding of the subject matter. It can also improve long-term archiving and increase the validity and credibility of their research.
In terms of how that data sharing in research affects the wider community, it enables greater public understanding of what can at times be complex subject matter. It also improves the public’s trust in the researchers’ capabilities, and oftentimes allows for easier access to said research.
Why is data sharing important?
The benefits are clear, but when it comes down to employing a resilient data-sharing strategy, those in the C-suite often have one lingering question: why is data sharing important?
The bottom line is that a well-oiled data sharing machine enables enterprises to have access to a wider information pool – one that can help them derive valuable insights and inform their future decision-making. The connections and collaborations that are formed from data sharing only help to improve the quality of each organization’s output, as well as the public’s opinion of them.
And in an era where security and data protection are on everyone’s lips, the importance of data sharing could not be more clear.