Storage and sharing of business data is the process of document storage in digital formats, like Word documents, PDFs, or spreadsheets. This includes archives and backups of these files to ensure their security in the event of a disaster or unexpected loss. This kind of data storage allows companies to quickly access the files they require without having to search through folders or relying on the memory of their team members.
Sharing data is the process of providing access to common datasets that can be used by analytics tools, apps, or business users. It’s an excellent way for companies to improve their decision-making processes and improve their performance. Gartner estimates, in fact that by 2023, businesses that have effective data-sharing will outperform their competitors in the majority of business value indicators.
Integrating data into workflows and operations allows departments to make precise real-time decisions, and also fuels long-term strategic decisions with the help of reports. It also gives business managers an advantage as they can take calculated risks and better understand the market’s nuances.
The most popular benefit of data sharing is boosting productivity by eliminating silos and providing easy access to crucial information. Instead of having to search for and determining the most recent version of a file people can simply search for and access the data they require from one, centralized location, making collaboration significantly more efficient. This enables teams to perform their work more quickly and efficiently and reduces the chance of errors caused by duplicate or redundant efforts.