There is no limit to how companies can interact and collaborate with data. Data has become a new currency because organizations can use it to learn more about their business operations. By analyzing data sets, companies can anticipate trends, understand customer information, easily track business results, and effectively develop products.
Traditionally, data sharing is a cumbersome process. It requires the data sharer to download a copy of its data and share it with the data consumer. Then download it yourself for analysis. In addition, data consumers may need to combine this data with their existing data to create more copies.
Data sharing in the cloud simplifies and speeds up the process by reducing the need to download and send unlimited copies of data. Data users can simply access data through the cloud and immediately enjoy the benefits of access.
As a result, new business models and market opportunities have emerged. Companies that implement data sharing ecosystems through cloud computing will have an advantage over their competitors. These businesses can create new business assets with real-time data that is easy to access. The data in the data provider is equally important to a large number of data consumers.
Not surprisingly, more and more companies, including start-ups and multinationals, are moving toward the cloud. According to the Cloud Computing Industry Forum (CIF), the overall cloud adoption rate in the UK is currently 88%. With the advent of the era of big data, this trend will continue.