Sharing business data is the process of making your company’s internal or external data available for collaboration, development and analysis. It’s a powerful approach that can deliver real-world benefits to your organization. But it’s not without challenges and risk.
For many companies, a lack of time or resources prevents them from maximizing the value of their data. But with the emergence of cloud-based technology these barriers are going away and allowing companies to share their data on scale and unlock new business models. As the world is becoming more connected and mobile, the ability to quickly share data and insights will to drive more data-driven decision-making. More insights that positively impact business will further encourage sharing of data, resulting in positive feedback loops.
Companies that make access to data and analysis a top priority are more agile, better able to capitalize on opportunities and quickly respond to threats. Additionally more informed, data-driven decisions improve the quality of www.ofboardroom.com their products and services. For example, General Electric’s “GE Digital” program shares details about its equipment and machinery with service providers to decrease downtime and improve performance.
Implementing and maintaining a successful data-sharing strategy requires solid policies as well as clear tools and processes that are consistently adhered to. Security concerns are a top challenge, as data must be secured from unauthorised access or breaches, and in compliance with the applicable laws. Additionally, it is important to prioritize data quality assurance and provide documentation and context to users of data, so that they have the data they need to make the right and insightful decisions.