Sharing and storage of business data is the process of saving internal documents in digital formats such as Word documents, PDFs or spreadsheets. This involves backing up and archiving these files to ensure they are safe in the event of a disaster or unexpected loss. This type of storage allows companies to quickly access the files they require without having to sift through folders or relying on the memory of their team members.
Sharing data is the process of providing access to common data sets that can be utilized by analytics tools, apps, or business users. It’s an excellent way for businesses to improve their decision-making process and increase their performance. In fact, Gartner predicts that by 2023, businesses that have effective data sharing practices will beat their competitors on the majority of business value indicators.
Integrating data into business operations and workflows allows departments to make precise, real-time decisions and fuels long-term strategic choices through reports. It can also give business leaders a competitive edge by allowing them to make calculated risk and be aware of the market’s nuances.
The most common benefit of data sharing is the increase in productivity due to eliminating barriers and providing easy access to vital information. Instead of searching for and determining the most recent version of a file, people can simply search for and access the information they require from a single central location, which makes collaboration significantly more efficient. This lets teams work more efficiently, faster and reduces the chance of errors due to duplicate or redundant efforts.