The Power of Collaboration for Online Data Storage and Sharing

Recently, Wikipedia celebrated its 18th birthday, revealing something vital with regards to online data after almost two decades of use—collaboration is the key to a business’s success, despite the field. The community that Wikipedia has built revolves around individuals holding others accountable for inaccurate or blatantly false information, transforming it into more of a living organism capable of growth rather than just an online platform for sharing opinions.

 

This necessity for collaboration can be seen in a variety of other industries that require the attention and input of colleagues during difficult and time-consuming projects. More often than not, these involve virtual data room due diligence, where documents during the selling or buying of a company can be reviewed and commented on by all parties participating in the deal. A secure data room, unlike a platform such as Wikipedia, provides users with a protected platform to upload and share these confidential documents without the fear that those reviewing them will disclose them to unwanted third parties or that they will be intercepted through emails.

 

The fact that Wikipedia has grown so immensely in the last 18 years since its birth and that industries such as Law, Investment Banking, Mining, Energy & Oil, etc., rely so heavily on tools that allow them to share and edit ideas, shows us the importance of peer collaboration, whether it be through an electronic data room or a community-based encyclopedia. The expansion of a web-based, community-created repository of information or the success of an M&A deal are both subsequently the result of community teamwork and holding peers accountable for sharing accurate and appropriate information. One may be a little less consequential than the other, but both illustrate the necessity of seamless collaboration and a platform that is easy to use in order to reach a desired conclusion.

 

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