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In a business setting, making use of data effectively means you share data with other people in order to help them address their issues and make better informed decisions for long-term growth. But for a company to benefit from business data storage and sharing, a system must be set up to allow seamless and secure access to shared data.

The biggest challenge facing most businesses is to change their culture from one of data ownership to one of sharing. In many companies, departments are hesitant to share their data with other teams because they don’t believe they can trust their colleagues. This type of culture may hinder a company’s ability make informed decisions and to create important, sustainable partnerships.

To overcome this issue, a company needs to create a system that fosters collaboration between employees and encourages the sharing of data across the organization. Fortunately, today’s technology offers an easier and more reliable approach to achieve these goals. Many businesses have developed platforms for B2B data sharing. This lets companies share data with “frenemies” within a particular market sector to create more robust data sets.

The B2B data-sharing process can take on a variety of forms starting from a simple point-2-point interface between two systems to a full-fledged marketplace for businesses to buy and sell their personal data. But, regardless of the size or the scope of the sharing network, the underlying goal remains the same: to offer more value to businesses and help them get a return on their investment in data analytics.