Data Sharing: The Key to Better Business Outcomes

Data professionals, across the spectrum of businesses, are realizing that data sharing has a critical role to play in accelerating their organization’s digital strategy. Data sharing allows for simple data distribution across an organization and augments internal data with broader market data to gain better insights.

Jay Bhankharia, Senior Director at Databricks, sat down with Jake McBride, Product Manager at TickSmith, to discuss the ins and outs of data sharing and why firms should embrace the concept. The topics ranged from the benefits of data sharing to how firms can prepare for distributing and monetizing their data.

Why are corporations and financial institutions embracing the concept of data sharing?

According to Gartner, by 2023, companies that embrace data sharing will outperform their peers – they will use data to make better business decisions, provide clarity, and unlock potential for new revenue streams. Complex business opportunities and challenges require more and more data. Having a way to make sense of and access that data is critical to business success.

The vast availability of data and barriers towards leveraging that data are lower than ever. The mix of the two means that more firms are “catching up” on the data maturity curve – allowing them to leverage data, enable strategic decisions, and gauge their competitors. 

Databricks and other cloud providers offer data users a wide variety of pools for wrangling data and getting value out of their data. Firms increasingly have more internal and structured data lakes available – as a result of data-driven projects or to meet requirements of new regulations and audits.

Firms are mature and hungry for data; data sharing enables data that is already structured inside various organizations to be available instantly.

Listen to the live discussion here:

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