In a business context making use of data effectively means you share data with others to assist them solve their problems and make better informed decisions for the long-term development. To reap the benefits of data storage and sharing in business, businesses must have a system in place that gives seamless, secure access.

The biggest hurdle for most companies is changing the culture from one of data ownership to one of sharing. In many organizations, departments are hesitant to share their data with other teams because they don’t believe they can trust their colleagues. This type of culture can hinder a company’s ability make data-driven choices and to create valuable, scalable data partnerships.

To overcome this obstacle the company must create an organization that fosters collaboration among employees and promotes data sharing across the entire organization. Today’s technology makes it much easier and more reliable to accomplish these goals. Several businesses have established platforms for business-to-business (B2B) data sharing, which allows companies to share their data with «frenemies» within a specific market sector to develop more robust data sets, and to achieve goals in business that they can’t accomplish by themselves.

B2B data sharing can take a variety of forms. It can be a simple exchange between two systems or a marketplace in which companies buy and sell their internal data. No matter how big or small the network, the goal remains the same – to help companies realize a return on their investment in data analytics.