In business, it’s essential to make informed decisions for efficiency and growth. This is why companies share their data internally and externally to gain new insights to aid in informed decision-making. Data sharing can be accomplished through a variety of ways including internal collaboration between departments to establishing shared data platforms that connect businesses to reach common goals.
Establishing a culture of data-driven collaboration is the first step in getting the most value from your company’s data. For instance the implementation of data literacy programs can help employees understand the significance of the data they work with as well as how to effectively use it. Additionally, partnering up with other organizations and businesses to share data is beneficial too. This can be done through industry associations, or by examining existing marketplaces for data.
Sharing data also enables greater innovation. For instance by sharing data customers or partners, companies can create unique technologies that address unmet needs. For example, the GE Digital program GE Digital program shares data about the performance of its machines and equipment of its http://ofboardroom.com customers and provides them with personalised maintenance and improvement suggestions.
It is essential to share the data of your business, but you must also have a legal basis that complies with the data protection laws. This is known as the legal basis for sharing and must be documented. You must ensure that everyone who is receiving your data has been informed of the purpose for the use of your data and has consented to the use of their data.