NEW APPROACH

Application Data Sharing.

HIGHLIGHTS

  • Share data between applications, users and external trading partners.

  • Blend external data sources into your internal information flow.

  • Bring teams together to collaborate around trusted multi source data.

READING TIME | 2 Minutes


Related Content

Application Data Sharing is Critical for Business Success?

Businesses of all sizes are starting to see the value in application data sharing (ADS). ADS is the process of blending data from multiple sources and streaming the results to other applications. ADS provides better business process integration and additional insights to run operations more effectively. ADS is essential because it enables organizations to share the same enriched dataset with multiple users or applications while maintaining data accuracy and governance.

There are many ways that businesses can benefit from application data sharing. These benefits include better decision-making, improved business efficiencies, removal of departmental data silos, and improved individual productivity. Application data sharing can also help businesses differentiate their products and generate additional revenue streams.

Organizations realize they can significantly enhance their operations by accessing external data. External data is data that the organization itself does not generate. This data can come from various sources, such as public databases, social media, or other companies. Incorporating this data into the organization's information flow can enhance its operations in several ways. For example, the organization can gain insights into customer behavior that it would not have otherwise had. It can also improve its decision-making by incorporating data from different sources. Finally, it can improve its efficiency by using formatted and shaped data compatible with its systems.

Why is Application Data Sharing Important?

For business users to get the most value from the data they are working with, it is crucial to have a data-sharing mechanism in place. With ADS, users can get a holistic view of their data, make competent decisions, and better understand what is happening in their business.

Leading companies are looking to expand their ability to source and integrate external data. As organizations become more digitized, the need for internal and external data sharing becomes more important. For example, organizations can better manage inventory and margins by sharing data with customers and suppliers and delivering personalized customer experiences. Enlightened organizations are starting to see data more as a business utility and something they can monetize if they have the right application data-sharing strategy.

How to benefit from Application Data Sharing?

Better Decision Making: When it comes to making decisions that can impact the success or failure of a business, it's important to have all the facts. Gathering data and analyzing it is critical to the decision-making process, but it's not always easy to get everyone on the same page. That's where collaborative decision-making comes in. By bringing your team or entire organization together to collaborate around a shared dataset, you get to leverage their collective business experience and expertise that facilitates better buy-in when making critical business decisions. This can be especially helpful when dealing with a complex issue requiring multiple stakeholders' input. Collaborative decision-making can also help you avoid decision paralysis. When everyone has a say in the process, it can be challenging to make a decision, but that's where the group's collective wisdom comes in handy. Working together, you can reach a consensus that everyone can agree on, which can help you move forward with confidence. If you're looking to improve your decision-making process, collaborative decision-making is a great way to go. By bringing your team together and leveraging their collective knowledge, you can make better decisions to help your business succeed.

Improve Business Efficiencies: By sharing data, businesses can improve customer service, streamline business operations, and maximize revenue potential. Sharing data can be done internally or externally with business partners. Internal sharing of data can help improve communication and collaboration between departments. This can lead to more efficient business operations and better customer service. External sharing of data can help businesses better understand their customers and their needs. External sharing can lead to more sales and a better reputation. There are many benefits to sharing data. By sharing data, businesses can improve their efficiencies and their bottom line.

Remove Departmental Data silos: Most people in an organization have their "own" dataset because they don't have a workable alternative to collaborate around the data they need, leading to teams or departments making decisions in isolation. The lack of a shared dataset for all internal data consumers across all business units within an organization is a significant challenge. There are a few ways to overcome this challenge. One way is to put in place a system that allows for sharing data among all business units. Another way is to create a data stream. All business units can use the same data streams for their needs. A third way to overcome the challenge of departmental data silos is to use data governance tools. These tools can help to ensure that the data is accurate and up-to-date. They can also help ensure that the data is used consistently across all business units. Use any of these methods to overcome the challenge of departmental data silos. By doing so, you can improve communication and collaboration.

Improve Individual Contribution and Productivity: When it comes to improving individual productivity, it is essential to give employees the freedom to use the applications that best match their skillset. This way, they can focus on their strengths and produce their best work. Additionally, employees can work together more effectively and efficiently by using the same trusted dataset. This will help improve the overall productivity of the team.

Enhance Product Differentiation: There are many ways to enhance product differentiation, but one of the most important is to make sure your product is about more than just the product itself. It's also about the story and the data that supports it.

Monetize your Data: Sharing data with your target market can help drive differentiation in your industry and generate additional revenue streams through monetization. Non-business sensitive information shared with third-party companies creates a win-win situation for all involved.

Organizations looking to take advantage of application data sharing should first assess their needs and then find the right application data sharing strategy that meets those needs. There are several different application data sharing strategies available, so businesses should find one that best suits their needs and their organization's culture.