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Storage and sharing of business data is the process of saving documents in digital formats, like Word documents, PDFs, or spreadsheets. This includes backing up and archiving these files to ensure their security in the event of a catastrophe or sudden loss. This kind of storage allows businesses to quickly access the data they need, without having to sift through folders or rely on the memory of team members.

Data sharing is the process of sharing data sets that can be accessed by applications as well as analytics tools and business users. It’s a great opportunity for businesses to improve their decision-making processes and improve their performance. In fact, Gartner predicts that by 2023, businesses that have effective practices for sharing data will outperform their competitors on most business value indicators.

Effectively integrating data into workflows and business operations helps departments make precise, real-time decisions and fuels long-term strategic decisions with the help of reports. It can also give businesses an edge in the market by providing executives a better understanding of market dynamics and the ability to take calculated risks with confidence.

Data sharing can enhance productivity by removing silos and allowing quick access to crucial information. Instead of searching for and determining the most recent version of a document, individuals can easily locate and access the information they require from a single central location, which makes collaboration much more efficient. This allows teams to work more efficiently and quickly and reduces mistakes due to redundant or duplicate efforts.