Storage and sharing of data for business is the process of keeping internal documents in digital formats like Word documents, PDFs or spreadsheets. This involves backing up and archiving these files to ensure they are safe in the event of a disaster or sudden loss. This kind of data storage allows companies to swiftly access the files they require without having to sift through folders or relying solely on the memory of their employees.
Data sharing is the act of providing data sets that can be accessed by apps, analytics tools, and business users. It’s a great method for companies to improve their decision-making process and increase their performance. Gartner estimates, in fact, that by 2023, companies that implement effective data-sharing will outperform competitors on the majority of business value indicators.
Integrating data into business operations, workflows and reporting allows departments to make real-time, accurate decisions. It also gives business leaders an advantage by allowing them to take calculated risks and understand the market’s dynamic.
Data sharing can increase productivity by eliminating silos, and allowing quick access to crucial information. Users can now access and find the data they require from a single location without needing to search for the latest version of the file. This makes collaboration more efficient. This allows teams to work more efficiently and quickly and reduces mistakes due to duplicate or redundant efforts.
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