In the last few years, the rise of Big Data has created serious strides in building customer intimacy, loyalty, and trust. This has also meant that data sharing – a practice that sees companies share customer intelligence with trusted partners and suppliers – can help businesses gain a competitive edge. But it’s easy for businesses to question the wisdom of pooling data-driven insights rather than keeping them under wraps. Here are three tried-and-tested benefits of taking a generous approach to your data.
Better decision-making
These days, decisions based on real-time data can help you anticipate customer patterns and trends. But even with first-rate analytics tools and a close understanding of your market, there are bound to be gaps in your knowledge. Data sharing with a client, partner, or supplier means:
- Clearer insights into customer behaviour
- The ability to leverage your collaborators’ skills and knowledge
- The opportunity to eliminate blind spots and gain a single customer view
Data sharing can create insights and value for both parties – a practice that sparks better decisions down the line.
More effective collaboration
It’s important to remember that data sharing shouldn’t be perceived as a revenue stream but as a way to collaborate and foster partnerships and trust. It can also allow businesses and suppliers to consolidate their data to eliminate silos and offer a customer-centric service. Last year, Gatwick Airport in London started pooling data with major carrier easyJet to offer customers real-time instructions and updates that were tailored to individual preferences – proof that data sharing can reap rewards and boost ROI.
Checks and balances
Departments that enjoy a monopoly on customer data can often impact entire companies to negative or positive effect. Data sharing between related departments can set the stage for checks and balances. This distributes the balance of power across a company, creates transparency, and leads to more effective operational decisions.