When applied to information sharing, the concept of sharing could be transformative. Data is the driving force behind every business – from inspiration to execution. Data is essential to share it for the organization to push forward. Sharing helps ensure an equal distribution of data across departments, with partners and with external collaborators. It’s part of a growing trend that is taking off as companies discover the advantages of securely and efficiently distributing data resources.

Companies can share their data in different ways – with other departments within the company, with partners or by offering direct access data sets as a service. Sharing information across departments is among the most efficient ways to boost productivity and encourage innovation. It also helps eliminate the siloed mindsets and misperceptions that can prevent collaboration.

Internally sharing provides more precise analysis and reporting, which improves communication and decision-making. It also eliminates duplicate tasks and optimizes the allocation of important site resources. If the analytics team is spending too much time preparing or answering tickets, they will be in a position to not be able to focus on other projects that could have greater impact on an organization.

Implementing sharing practices may also provide companies with a competitive advantage in the market. For example having access to shared data from the industry can help companies quickly spot trends in the market and alter their strategies, often before competitors are aware of them. This flexibility can lead to greater performance and lower risk.