Sharing business data is the act of making your company’s internal or external data accessible for collaboration, innovation and analysis. It’s a successful strategy that can deliver real-world benefits to your organization. However, it’s not without its challenges and dangers.
For many organizations the lack of time or resources keeps them from taking advantage of the full value of their data. Cloud-based technology has eliminated these barriers, allowing businesses to share data on a massive scale and also enabling new business models. As the world becomes more connected, the capacity of businesses to share data and insights quickly will lead to more data-driven decisions. In turn, the more insights that positively impact the business will encourage more data sharing, creating a continuous positive feedback loop.
Companies that focus on data access and insight are more agile and are better able to benefit from opportunities and respond quickly to threats. In addition, more informed data-driven decisions enhance the quality of products and services. For example, General Electric’s “GE Digital” program shares details about its equipment and machinery with service providers in order to minimize downtime and optimize performance.
The development and maintenance of an effective data-sharing strategy requires consistency in policies that are clear, precise tools and a set of processes that are regularly followed. Data must be secure from unauthorized access and breaches and also in compliance with the laws in force. Additionally, it’s crucial to put the emphasis on data quality and provide documentation and context to users of data, so that they have the information they need to make the right and informed decisions.
