Sharing business data is the practice of making your company’s internal and external data available for collaboration, research and analysis. It’s a smart strategy that can bring real advantages to your company. However, it’s not without its challenges and risk.
Many businesses aren’t able benefit from the full potential of data due to an absence of resources or time. Cloud-based technology has removed these barriers, allowing businesses to share data at scale, and unlocking new business models. As the world becomes more connected, the ability of companies to share data and insights easily will drive more data-driven decisions. In turn, the more insights that positively impact the company will drive more data sharing, creating an endless positive feedback loop.
Companies that make access to data and insights a top priority are more agile, better able to capitalize on opportunities and quickly respond to threats. Additionally better-informed data-driven decisions enhance the quality of a company’s products and services. For instance General Electric’s «GE Digital» program shares details about its equipment and machinery with service providers in order to minimize downtime and optimize performance.
To establish and maintain a solid data sharing strategy, it is necessary to have a consistent set of policies and tools. Additionally, you must follow a process that’s well-defined and regularly adhered to. Security concerns are a major challenge, as data must be protected www.ofboardroom.com/nonprofit-board-roles-and-responsibilities/ against unauthorized access or breaches and in compliance with applicable laws. It’s also essential to focus on the assurance of data quality and provide documentation for data consumers so they can make informed choices.