Shared business data is a practice that makes your company’s information, whether internal or external available for analysis and collaboration. It’s a method that can bring significant benefits to your company. However, it’s not without its challenges and risks.
Many companies aren’t able to utilize the full potential of data due to the lack of resources or time. However, with the advent of cloud-based technology, these barriers are vanishing and allowing businesses to share their data on large scale and develop new business models. As the world becomes more connected and mobile, the ability to quickly share data and insights will help in empowering more data-driven decisions. In turn, the more insights that positively impact company will drive more data sharing, creating an endless positive feedback loop.
Companies that make access to data and insights a top priority are more agile, better able to make the most of opportunities and quickly respond to threats. Additionally more informed, data-driven decisions improve the quality of their products and services. General Electric’s GE Digital program, for instance, provides information to service suppliers about its equipment and machinery to increase performance and decrease downtime.
To create and maintain a successful data sharing strategy, it is necessary to implement consistent policies and tools. Also, you need to follow a process that is established and regularly followed. Data must be protected from unauthorized access and breach, while also complying with the applicable laws. It’s also essential to prioritize data quality assurance and provide documents for consumers of data so they can make informed choices.
