Shared business data is a method that makes your company’s data either external or internal, available to analysis and collaboration. It’s a successful strategy that can bring real-world advantages for your company. However, it’s not without challenges and dangers.
Many companies are unable to utilize the full potential of data due to an absence of resources or www.ofboardroom.com/board-of-directors-vs-board-of-management/ time. Cloud-based technology has lowered these barriers, allowing businesses to share data at a large scale and creating new business models. As the world gets more connected, the ability of companies to share information and insights with ease will help drive more data-driven decisions. The result is more insight that positively impact the business will spur 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 respond swiftly to threats. Additionally more informed decisions based on data improve the quality of company’s products and services. General Electric’s GE Digital program, for instance, allows for sharing information with service providers regarding its equipment and machines to increase performance and decrease downtime.
Implementing and maintaining a successful data-sharing strategy requires uniform policies that are clear, precise tools and a set of procedures that are consistently followed. Data should be protected from unauthorized access and breaches while also adhering to applicable laws. Additionally, it’s crucial to prioritise data quality assurance and provide documentation and context for the users of data, so they are armed with the information they need to make the right and insightful decisions.
