Sharing Is Caring: How Data Sharing Will Drive Business Success in the Coming Years

by | Dec 1, 2022 | Blog

Scientists are studying honeybee colonies to understand better their sophisticated communication patterns and any potential indications of ecosystem health. Because bees are often among the first species to be damaged by contaminants, they serve as the archetypal “canary in the coal mine.” Scientists can use electrostatic energy to detect insecticides, for example, that have harmed the colony and decide whether environmental conditions offer a higher risk.

What we can take up from this is that communication is essential!

Bees communicate with one another, allowing scientists to assess the ecosystem’s health.

Consider a corporation that creates tonnes of petabytes of data through its daily operations. How can departments and stakeholders make sound business decisions if this data and information is not shared?

This is the narrative of a majority of businesses in the digital age.

According to Gartner, firms encouraging data sharing will outperform their competitors on most business value criteria by 2023. Even with this, Gartner predicts that less than 5% of data-sharing platforms will accurately identify credible data and locate trustworthy data sources by 2022.

Understanding how to use data is critical for business success.

The most important thing to remember about data is that the insights created by studying it are valuable. Data is a powerful asset, but it must be examined to be used. As a result, data-driven decision-making has become vital to running a profitable organization. If your staff learns how to use data successfully, it will be able to make better decisions regarding your firm’s future.

Access to relevant data is crucial for corporate success.

If your company wants to be genuinely data-driven, you must have access to the correct data. Unfortunately, this only sometimes occurs. According to a survey of 1,000 business leaders, only 14% believe their organization has the right data to develop insights. The good news is that you can ensure you have the facts you need to make educated decisions by following a few simple steps. First, you must evaluate which data types will be most beneficial to your firm. This contains customer information, suppliers, staff, and products. Once you’ve identified the most critical data sets, you need to categorize and optimize them. This means you must put processes in place to collect, analyze, index, and archive the necessary data spread across your enterprise infrastructure.

Greater Transparency Resulted from Data Sharing

You may want to be data-driven as a leader, but that doesn’t imply you want everyone to have access to all of your data. This is where information exchange comes into play. Data sharing is a fundamental component of business transparency. Data sharing allows employees to see corresponding data relevant to their department or function. This can help to improve collaboration across your firm.

Data sharing increases the availability of a wide range of information. 

When gathering data related to your firm and industry, you may discover a scarcity of information. You rarely find data points directly equivalent to what you need. Your findings may be incorrect if you are looking at inaccurate data. Data exchange can aid in the resolution of this issue. It gives people access to a broader range of data points that can be compared and analyzed to incur effective results by making data-driven business decisions.

How to implement effective data-sharing in an organization?

The following best practices will help enterprises effectuate secured data-sharing procedures:

  1. Understanding Data: Knowing the in and out of data generated – its source, time, destination, type of data, and more, can help with easy categorization and search.
  1. Structure Unstructured Data: Understanding data will help structure the data and enable enterprises to gather maximum insights in a governed and secured manner. Additionally, new technology adoption becomes easier if data is structured. 
  2. Ensure Data Consolidation and data interoperability: When enterprises know what data they have and where it is located and consolidate that data in the right storage location, such as the public cloud, they can create effective interoperability by granting role-based access to the right people to make the most of it.
  3. Secure your data– A robust data security strategy enables audit logging, helping enterprises keep track of data usage in general and monitor access to specific files to identify potential misuse. In addition, it allows scalable data security remediations and provides additional tools for mitigating risk proactively. Securing high-risk personal or sensitive files by moving them to more secure file or object storage and providing role-based access empowers enterprises to communicate data to the right stakeholders to extract value from it.
  4. Select the Right Tools: Data management tools often come as point solutions and need heavy communication integration, which adds complexities. Look for a unified and comprehensive solution for all data management needs.

 Data Dynamics is a leading provider of enterprise data management solutions, helping organizations structure their unstructured data with their Unified Unstructured Data Management Platform. The platform encompasses four modules- Data Analytics, Mobility, Security, and Compliance. Proven in over 28 Fortune 100 organizations, the platform is a one-stop solution that enables organizations to unlock data-driven insights, secure data, ensure compliance and governance and drive hybrid cloud data management. 

Click here to know more, or contact us at solutions@datdyn.com I (713)-491-4298.

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