22 Nov
Sharing business data is the act of making your company’s internal or external data available for collaboration, research and analysis. It’s an effective strategy that will bring tangible benefits to your company. There are challenges and risk.
For many organizations, a lack of time or resources keeps them from maximizing the potential of their data. Cloud-based technology has removed these barriers, allowing companies to share data at a large scale and enabling new business models. As the world gets more connected, the ability of businesses to share data and insights with ease will help drive more data-driven decisions. In turn, the more insights that positively impact the business will lead to more data sharing, creating a never-ending positive feedback loop.
Companies that focus on the use of data and insights are more agile and better able benefit from opportunities and respond quickly to threats. In addition more informed, data-driven decisions improve the quality of their products and services. General Electric’s GE Digital program, for example, shares information with service providers about its equipment and machinery to enhance performance and decrease downtime.
To develop and maintain a successful data sharing strategy, you have to have a consistent set of policies and tools. Also, you need to follow a process that is well-defined and regularly followed. Data should be protected from unauthorized access and breach, while also complying with applicable laws. It’s also essential to prioritize data quality assurance and provide documents for users of data so they can make informed choices.