Shared business data is an approach that makes your company’s information, whether internal or external accessible to analysis and collaboration. It’s a smart strategy that can provide real benefits to your business. It’s not without its challenges and dangers.
For many companies in the world, a lack or time or resources prevents them from taking advantage of the full potential of their data. Cloud-based technology has removed these barriers, allowing companies to share their data at a scale and also enabling new business models. As the world grows more connected, the ability to easily share data and insights will help in empowering more data-driven decisions. In turn, more insights that positively impact business will lead to more data sharing, creating a continuous positive feedback loop.
Companies that prioritize the use of data and insights are more agile and able to profit from opportunities and quickly respond to threats. In addition better-informed data-driven decisions improve the quality of their products and services. For example General Electric’s “GE Digital” program shares details about its equipment and machinery with service providers to decrease the time to repair and optimize performance.
To create and maintain an effective data sharing strategy, it is necessary to establish consistent policies and tools. Also, you need to follow a process that’s well-defined and regularly followed. Security concerns are a top problem, as data has to be protected against intrusions or breaches that are not authorized and in compliance with the applicable laws. It’s also important to prioritize data-quality assurance and provide documentation for users of data so they can make informed choices.