Sharing business data is the act of making your company’s internal or external data available for collaboration, innovation and analysis. It’s a strategy that can bring real benefits to your business. However, it’s not without its challenges and dangers.
For many companies there is a lack of time or resources hinders them from leveraging the full potential of their data. Cloud-based technology has lowered the barriers to data sharing, allowing businesses to share data at scale and enabling new business models. As the world becomes increasingly connected, the capacity for businesses to share data and information easily will enable more data-driven decisions. More insights that positively impact business will lead to more sharing of data, which will create a an ensuing positive feedback loop.
Companies that make data access and insights a top priority are more agile, better able to seize opportunities and respond quickly to threats. In addition, more informed data-driven decisions improve the quality of their products and services. For instance, General Electric’s “GE Digital” program shares information about its machinery and equipment with service providers to reduce downtime and improve performance.
Establishing and maintaining an effective data-sharing strategy requires uniform policies as well as clear tools and procedures that are consistently adhered to. Data should be protected from unauthorized access, and data breaches, while also complying with the laws in force. It is also crucial to prioritise the assurance of data quality and provide documentation for data consumers so they can make informed decisions.