Storage and sharing of business data is the process of saving documents in digital formats, such as Word documents, PDFs or spreadsheets. This includes archives and backups of these files to ensure their security in the event of a disaster or sudden loss. This type of storage lets businesses easily access the files they need without having to go through folders or relying on the memory of team members.
Sharing data is the process of granting access to common data sets that can be utilized by analytics tools, apps, or business users. It’s a great way enterprises can improve their decision-making process and increase their performance. Gartner predicts, in actual fact that by 2023, businesses that have effective data-sharing will outperform their competitors on the majority of business value indicators.
Integrating data into business processes, workflows and reporting allows departments to make real-time accurate and precise decisions. It also gives business leaders a competitive advantage as they can take calculated risks and understand the market’s nuances.
Data sharing can boost productivity by eliminating silos, and providing easy access to crucial information. Instead of searching for and determining the most recent version of a document, individuals can easily locate and access the data they require from one central location, which makes collaboration significantly more efficient. This helps teams work faster, more efficiently and decreases the risk of errors caused by duplicate or redundant efforts.
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