Data is the lifeblood of any organization. Without access to accurate information, it’s impossible to make informed decisions and chart a course forward.

 However, information cannot be allowed to enter an organization and then stagnate in a proprietary silo.

 Silos are where data goes to die.

 Instead, data must be freed so it can be used throughout the organization. Data sharing enables faster, more accurate decision-making, empowers innovation, and drives growth.

 However, achieving those goals requires the right data-sharing platform.

 In this post, we’ll explore what data-sharing platforms are, the benefits to your organization, and how to choose the right one.

What Is a Data Sharing Platform?

A data-sharing platform is exactly what it sounds like – software that makes it simple to share data across an organization. However, there’s so much more to it than simply allowing information to flow freely from team to team.

 Raw, unprocessed information isn’t particularly practical. It’s not very useful, either.

 A data-sharing platform addresses those problems through key features, including:

•  Data Ingestion – A data-sharing platform simplifies the ingestion process, allowing teams to import data from multiple sources, from spreadsheets to surveys and reports.
• Data Preparation – Raw data doesn’t do organizations much good. It must be parsed and vetted to ensure accuracy and quality.
• Data Visualization – After parsing, the right data-sharing platform supports data transformation and visualization, turning raw information into something human beings can digest and use.
• Data Access Control – Finally, the right data-sharing platform supports access control, limiting specific types of information and protecting sensitive data.

Advantages of Using a Data-Sharing Platform

Implementing a data-sharing platform offers some pretty impressive advantages. One of those is access to a set of diverse data sources. The more (accurate) information an organization can access, the faster it can pivot to compete with others in the industry or with changing rules and regulations.

 Data-sharing platforms also reduce costs associated with business decisions. After all, if decisions involving operations, marketing, and other processes are more accurate and effective, they’ll deliver improved ROI with fewer misses or errors.

 Organizations also benefit from improved decision-making and increased innovation. Imagine being able to make informed decisions at the speed of business, while providing leaders and teams with the building blocks necessary to innovate and deliver new products or services that address key underlying issues.

Finally, the right data-sharing platform is scalable. It can grow and evolve with your organization as needs change.

Challenges of a Data-Sharing Platform

 While data-sharing platforms can deliver important advantages, they can introduce challenges that might limit their value and utility, including:

• Security and Privacy Concerns – How well does the platform protect information? Does it limit access to only those authorized to access it? What about outside threats, like malware or malicious attacks?
• Constructing Data Visualizations – Transforming information into something usable by humans can be a time-consuming, frustrating process with some platforms.
• Time to Deploy and Cost – Implementing some data-sharing platforms can be very time-consuming, and they may not play well with your existing technology stack, requiring additional costs.
•  Regulatory Compliance – PCI-DSS, HIPAA, CCPA, and other regulations should be considered when choosing and implementing a data-sharing platform.

Wrap Up

 A data-sharing platform can be a key tool for accelerating growth, enhancing innovation, and ensuring stability. Today more than ever before, organizations need real-time access to accurate information to inform decisions at all levels. However, not all data-sharing platforms are created equal. 

The right solution will be cost-effective, scalable, secure, and compliant with relevant rules and regulations. It will also be easy to implement and make creating visualizations simple. Explo does all that and more. Get a demo today to see how Explo can help.