Sharing business data is the process of making your company’s internal or external data available for collaboration, innovation and analysis. It’s an effective method that can bring significant benefits to your company. But it’s not without challenges and risk.
Many businesses aren’t able leverage the full value of data due to an absence of resources or time. But with the emergence of cloud-based technology these barriers are going away, enabling businesses to share their data on scale and unlock new business models. As the world becomes increasingly connected, the capacity of companies to share data and insights with ease will help drive more data-driven decisions. In turn, the more insights that positively impact business will spur further data sharing — creating a never-ending positive feedback loop.
Companies that prioritize data access and analysis are more www.ofboardroom.com/nonprofit-board-roles-and-responsibilities/ agile and able to make the most of opportunities and quickly respond to threats. Additionally 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 to decrease downtime and improve performance.
To develop and maintain a successful data sharing strategy, you need to implement consistent policies and tools. Additionally, you must adhere to a procedure that is clearly defined and consistently followed. Data must be secured from unauthorized access and data breaches while also adhering to the applicable laws. It’s also essential to prioritize data quality assurance and provide documents to data users so that they can make informed decisions.
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