Benefits of Data Sharing

By Jessica Piel | 2 min read

We're told from a young age to share with our peers. But once we hit the corporate world, that golden rule seems to be thrown out the window in order to gain a competitive edge. Well, maybe that's about the change.

Recently, 10 large pharmaceutical companies collaborated in an effort to make drug discoveries less costly. In this collaboration, the 10 competitors shared data that would eventually benefit them all by driving down the cost of, and accelerating the timelines of, drug discovery.

According to Gartner, leaders in data and analytics exhibit more successful performance when encouraging and promoting data sharing both internally and externally. In that same thread, Gartner predicts that by 2025, businesses that promote data sharing will out-perform their competitors in almost all business metrics.

Reverting to our 5-year-old 'sharing is caring' attitude should be a business necessity that will inherently benefit everyone. By allowing analysts access to the data they need, when they need it, we can expect benefits to all teams involved. 

However, this new approach will not come without challenges. Two big things to consider in our new sharing mindset are how to build and maintain trust and how to prepare for a data-sharing environment.

A vital aspect of sharing - and data - is trust. And in sharing data, we must ensure that we not only trust the data source but the data itself, as well.

Challenges may also arise in reverting the corporate mindset back to acknowledging the benefits of sharing. Ask yourself, your colleagues, and your company's leaders why your organization doesn't share data so freely, internally and externally. From there, you may be able to identify and prioritize instances when data sharing will align with your company goals. 

How Can Your Company Start Sharing Data?

One way to start your data-sharing journey is to increase transparency and sharing internally, among different departments and teams. Dataddo can make this step simple and easy for you to start the sharing revolution in your company. Simply connect your data sources and choose your destination to get all your data in one place and accessible to anyone in your organization.


(Data) Sharing is Caring

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Category: Industry Insights, data-strategy