Sharing business data is the act of making your company’s internal and external data available for collaboration, innovation and analysis. It’s a successful strategy that can bring real-world benefits to your business. There are challenges and risk.
Many businesses aren’t able utilize the full potential of data due to the lack of resources or time. But with the emergence of cloud-based technology these barriers are going away which allows businesses to share their data at scale and to unlock new business models. As the world becomes more connected, the ability to easily share data and insights will help to drive more data-driven http://ofboardroom.com/nonprofit-board-roles-and-responsibilities decision-making. In turn, more data that positively impact the business will lead to more data sharing, providing an endless positive feedback loop.
Companies that make access to data and insights a top priority are more agile, and better able to seize opportunities and respond swiftly to threats. Data-driven decisions also enhance the quality of products and services. General Electric’s GE Digital program, for example, shares information with service providers about its equipment and machines to improve performance and reduce downtime.
To create and maintain a solid data sharing strategy, it is necessary to have consistent policies and tools. Additionally, you must follow a process that’s well-defined and regularly followed. Security concerns are a top problem, as data has to be secured from unauthorized access or breaches and in compliance with applicable laws. In addition, it’s important to prioritize data quality assurance and provide documentation and context to the users of data, so they are armed with the information they need to make accurate and informed decisions.