Data exchange
Ashley Mulligan
Published 11/17/2022
It is hard to think of any part of modern business that can’t be improved with the help of data. That’s because it helps us understand the connected world around us.
But data simply stored in a database is stifling its ability to generate value.
It is only through the sharing of data that it becomes a live, viable commodity.
Data exchange is quickly becoming a determining factor in overall business success. Gartner predicts that “by 2023, organizations that promote data sharing will outperform their peers on most business value metrics.” (Gartner, 2021)
In retail, data fuels the engine of commerce from the supply chain to the point of sale. It is behind every search result on an online store, every catalog order, and every purchase confirmation. It not only informs the consumer of the latest products to hit the market, but helps the business serve up the most suitable offers to their customers, resulting in boosted sales and an enhanced customer experience.
In the healthcare sector, doctors and nurses collect data about our physical health. These highly sensitive records need to be shared between departments, specialists, insurance companies, and researchers. It also needs to be secured to protect the privacy of patients. Anonymizing that data can make it a valuable tool for public health without compromising the privacy of the individual.
Data provides institutional scientists and researchers the information they need to take action to save lives, to understand our changing environment, and to explore space.
It is the prime mover of business, the economy, and the world.
When viewed in this way, data can be a source of great promise.
In nearly all sectors from manufacturing to hospitality, data is exchanged to enable better products, better services, and to analyze performance to identify new growth opportunities.
Every day, huge files are being moved between business partners, including the transfer of payment records to lending institutions, supply-chain updates from manufacturers, and local traffic and weather data to guide transportation and logistics companies.
These organizations are dynamic entities designed to grow through innovation, disruption, and fast maneuvering.
Anything that can give them an edge is going to put them in a position to outpace the competition.
But when data is stuck in place, it can’t grease the wheels of fortune.
That’s why we need to consider how we exchange data.
And that's why you need Flatfile.