Sharing business data is the process of making your company’s internal and external data available for collaboration, research and analysis. It’s a powerful strategy that can deliver real-world benefits to your business. It’s not without its difficulties and risks.

In many organizations there is a lack of time or resources hinders them from maximizing the potential of their data. But with the emergence of cloud-based technology the barriers to data sharing are disappearing making it possible for businesses to share their data at scale and unlock new business models. As the world grows more connected, the ability to easily share data and insights will in empowering more data-driven decisions. More insights that positively impact business will further encourage sharing of data, which will create a a positive feedback loop.

Companies that prioritize data access and analysis are more agile and able to benefit from opportunities and quickly respond to threats. Data-driven decisions also improve the quality of products and services. General Electric’s GE Digital program, for instance, allows for sharing information with service providers about its equipment and machinery to optimize performance and reduce downtime.

To develop and maintain a solid data sharing strategy, you have to have a consistent set of policies and tools. It is also essential to follow a plan that is established and regularly followed. Data must be secure from unauthorized access and data breaches while also ensuring http://ofboardroom.com compliance with the laws in force. In addition, it’s important to prioritise data quality assurance and provide documentation and context to users of data, so that they have the information they require to make informed and insightful decisions.