Only five per cent of survey respondents believe that their organisations are very effective at implementing modern data sharing, while 67 per cent want to move towards that approach. With modern data sharing, data doesn’t physically move. Instead, data is shared in a secure and governed way in real time by easily creating access to read-only copies of the data between any combination of organisations consisting of ‘data providers’ and ‘data consumers’. This creates unlimited opportunities for organisations to integrate shared data with their own data, giving them a level of insight previously unavailable to them.
Organisations that use traditional methods endure high costs, lengthy delays and avoidable risks only to share static copies of stale data. This limits how and with whom they can share data:
● 29 per cent share data within functional groups or business units
● 21 per cent share data across business units within an organization
● 15 per cent share data externally with key vendors/suppliers
● 14 per cent share data externally with partners outside their industry
“While all the industries surveyed could profit from advanced data analytics, retail/CPG stands out as an industry that could reap huge benefits by implementing modern data sharing,” Snowflake CEO, Bob Muglia, said. “Iconic brick and mortar brands such as Radio Shack and Toys ‘R’ Us have stumbled, but I am confident that other retailers can emerge successful by modernising their data analytics with the most advanced technologies, such as the cloud-built data warehouse and modern data sharing to become more agile, innovative and customer-centric.”