Sharing business data is the practice of making your company’s internal and external data available for collaboration, innovation and analysis. It’s an effective strategy that can provide real benefits to your business. It’s not without its difficulties and risk.
In many organizations in the world, a lack or time or resources keeps them from making the most of the potential of their data. But with the emergence of cloud-based technology the barriers to data sharing are disappearing which allows companies to share their data on the scale they need and create new business models. As the world gets more connected, the ability of businesses to share data and insights easily will drive more data-driven decisions. More insights that positively impact business will lead to more sharing of data, resulting in an ensuing positive feedback loop.
Companies that place a high value on data access and insights are more agile and better equipped to make the most of opportunities and quickly respond to threats. In addition more informed, data-driven decisions enhance the quality of products and services. General Electric’s GE Digital program, for example, is a way to share information with service providers about its equipment and machines to improve performance and reduce downtime.
To develop and maintain a reliable data sharing strategy, you have to establish consistent policies and tools. Additionally, you must follow a process that is clearly defined and consistently followed. Data must be secured from unauthorized access and breach, while also complying with applicable laws. Additionally, it’s crucial to put the emphasis on data quality and provide documentation and context for users of data, so that they have the data they require to make informed and informed decisions.