5 Benefits of Sharing Data With Other Businesses

Countless businesses have begun to embrace data sharing and have seen tangible benefits for organizations across all departments and sectors. While this is true, sharing data is something some business owners and executives are still hesitant to do.

Keep reading to learn about the biggest benefits offered by data sharing and why it may be a smart choice.

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   Build Trust

When a business works to promote a transparent and open approach, it offers reputational benefits. It may also provide a competitive advantage.

For example, with biotechnology company Syngenta, it increased the understanding of company data among employees after open publishing data. It has also helped to build connections in adjacent sectors while improving engagement among supply chain partners.

2. Improve Market Research

By utilizing data sharing services like Power BI, businesses and organizations may also be able to improve their overall market reach. This is because sharing data about services and products have a growing importance in new marketing and sales opportunities.

For example, physical activity and health companies have started publishing standardized pen data related to opportunities for being physically active. This was done based on the OpenActive initiative.

Some of the information shared includes the location and time of classes or swimming lessons and more. The goal was to see if this open sharing of information would be enough to reach new, potentially interested audiences.

3. Address Challenges in the Sector

There is a desire in some sectors for businesses to share data to help solve common or widespread challenges.

For example, there is a significant challenge in the UK energy sector related to balancing the supply and demand for electricity. This is something that costs over one billion pounds per year. With the adoption of renewable technology growing, it is estimated that the cost will grow to more than two billion pounds over the next five years.

To help, renewable energy companies, such as PassivSystems, are working to share data with trusted intermediaries. The goal is to improve the forecasts related to solar energy generation, making renewable energy more cost-effective.

4. Insights and Benchmarking

With data sharing, it is possible to gain new insights regarding operations, improving safety throughout the sector. This can benefit all sectors that are working to improve their benchmarking capabilities.

5. Optimization for Supply Chains

Increasing access to data can improve countless parts of the supply chain. This includes things like transparency and provenance of the supply chain, overall cost management, operation flexibility, collaboration and trust among supply chain partners, and the accuracy and speed of product distribution and design.

The Many Benefits Offered by Sharing Data

As you can see, there are several benefits offered by sharing data. Keep the information above in mind to determine if this is something that may benefit your business or organization.

If you found the tips and information here helpful, be sure to read some of our other blogs.