Sharing business data is the process of making your company’s internal or external data available for collaboration, development and analysis. It’s a strategy that can provide real advantages to your company. However, it’s not without its challenges and risk.
Many companies are unable to make the most of data due to a lack of resources or time. However, with the rise of cloud-based technology, these barriers are vanishing and allowing businesses to share their data at scale and to unlock new business models. As the world becomes more connected, the capacity for businesses to share data and insights quickly will lead to more data-driven decisions. More insights that positively impact business will encourage further sharing of information, resulting in positive feedback loops.
Companies that place a high value on data access and insights are more agile www.ofboardroom.com/donor-advised-funds-vs-private-foundations/ and are better able to profit from opportunities and respond quickly to threats. In addition more informed decisions based on data enhance the quality of a company’s products and services. For example General Electric’s “GE Digital” program shares information about its machinery and equipment with service providers in order to minimize the time to repair and optimize performance.
To develop and maintain a solid data sharing strategy, it is necessary to implement consistent policies and tools. You also need to follow a process that’s clearly defined and consistently followed. Data must be secure from unauthorized access and breach while also adhering to the laws in force. In addition, it’s important to prioritise data quality assurance and provide documentation and context to consumers of data, ensuring they have the data they need to make the right and insightful decisions.