Sharing business data is the practice of making your company’s internal or external data available for collaboration, innovation and analysis. It’s a strategy that can provide real benefits to your business. There are challenges and potential risks.
Many organizations are unable to make the most of data due to a lack of resources or time. Cloud-based technology has removed these barriers, allowing businesses to share data on a massive scale and also enabling new business models. As the world grows more connected and connected, the ability to seamlessly share information and data will make more informed decisions. More insights that positively impact business will lead to more sharing of information, resulting in positive feedback loops.
Companies that make access to data and insight a priority are more agile, and better able to seize opportunities and respond swiftly to threats. In addition, more informed data-driven decisions enhance the quality of a company’s products and services. General Electric’s GE Digital program, for instance, allows for sharing information with service suppliers about its equipment and machines to improve performance and reduce downtime.
To create and maintain a reliable data sharing strategy, it is necessary to have a consistent set of policies and tools. It is also essential to follow a process that is well-defined and regularly followed. Data must be protected from unauthorized access and data breaches, while also complying with the laws in force. It’s also essential to focus on the assurance of data quality and provide documentation for users of data so they can make informed decisions.
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