Imagine that you and your colleagues are exploring a jungle in search of survival and prosper, and create an enlightened, prosperous society. By working together with your colleagues, each bringing different perspectives and skills, you can navigate the wild and unpredictable terrain, stay out of danger, and uncover hidden treasures. Through sharing resources and knowledge businesses can have greater success and work more effectively.

According to an earlier Gartner study, organizations that successfully promote and implement data-sharing practices fare better than their competitors on a variety of key performance indicators. This is because, by encouraging cross-departmental and external collaboration, they are more able to identify and create value from data.

Sharing data within the company also allows organizations to address internal issues more quickly and improve efficiency in the operation. If, for instance sales are slowing, large amount of data collected through collaborative efforts can uncover the root of the problem. This could be due to market or product issues. Strategies for marketing and sales that counteract the problem can be developed by identifying primary causes.

Businesses from all sectors can benefit from B2B data-sharing technologies. For example, financial services businesses can use real-time multi-party B2B data sharing to automate and streamline Know Your Customer (KYC) processes. This can eliminate the need for banks to take on customers who have already completed KYC with their consortium partners, thus saving time and money while improving the customer experience.