Today more than ever, data has become a valuable asset to a company as it leads to better decision making, higher efficiency, and measure performance for continuous improvements.
Most of the companies will face situations in which their data must be shared not only within their org but also outside. For example, situations in which their data must be shared not only across its business units, but also its customers, or business partners (with consultants, board members, subcontractors). This is a new economy of data where sharing details, stat, reports, or insights across departments should be a simple process, easy, convenient and transparent to insure informed decisions and interactions.
In this article, we will show you 6 reasons why self-service BI promotes data sharing.
Before considering data sharing, it is important to build a data-sharing environment that alters the current culture and creates the right mindset. Also, understand that data sharing is much more than data, it is an overall view on how an organization operates. The use of SSBI pushes your data to be discoverable but it will not be valuable to the organization if it cannot be shared. Letting stakeholders know what is out there requires a data sharing culture.
Here is a look at the 6 reasons on why a self-service business intelligence (SSBI) approach can promote data sharing.
1- The adoption of a self-service BI avoids data silos and bottlenecks. Data sharing will encourage collaboration among the various departments in a company. They will not extract different insights in the context of their work but instead they will expand their knowledge and work together to translate and interpret the available and integrated data through communication.
2- The majority of a company’s data remains stored in a storage device instead of being utilized. This will result in more actionable decisions and movements. When connecting data, new findings can lead to new business intelligence or insights for a stronger performance.
3- Sharing the reports created or forecasts is about giving the executives, management teams, and decision makers the helpful data to be more efficient. It will lead to an improved value of their services.
4- A great tool to ensure continuous learning from partners and stakeholders without duplicating efforts. For example, the way an issue was handled and the solution used.
5- This ecosystem will help make better use of resources by allowing teams to have more data in their hands to analyze, instead of sourcing it or waiting for their request for access to be granted.
6- Data sharing can open up a new revenue stream since new business models can be created and even market opportunities will emerge as insights will be exponentially shared which will help your company stay ahead of competition.
Data sharing allows an organization to get more out of their healthcare systems, push them to be more valuable, and transparent with evidence-based care. It is essential for directors to encourage and educate their teams on responsible data sharing meaning that the amount of data to be shared is limited. There is no doubt, the value created from this approach is greater than the associated risk.