Sharing business data is the process of making your company’s internal or external data available for collaboration, development and analysis. It’s a successful method that can bring significant advantages to your company. However, it’s not without its challenges and risk.
In many organizations the lack of resources or time prevents them from taking advantage of the full potential of their data. Cloud-based technology has removed these barriers, allowing businesses to share data at a large scale and also enabling new business models. As the world becomes more connected, the capacity of businesses to share data and insights easily will drive more data-driven decisions. More insights that positively impact business will further encourage sharing of data, resulting in positive feedback loops.
Companies that make data access and analysis a top priority are more agile, able to seize opportunities and respond swiftly to threats. Data-driven decisions also improve the quality of products and services. General Electric’s GE Digital program, for instance, allows for sharing information with service providers regarding its equipment and machines to enhance performance and decrease downtime.
Implementing and maintaining a successful data-sharing plan requires uniform policies, clear tools and intentional processes that are consistently adhered to. Data must be secure from unauthorized access and breach, while also complying with applicable laws. Additionally, it’s crucial to prioritise data quality assurance and provide documentation and context to users of data, so that they have the data they require to make informed and informed decisions.