Shared business data is a practice that makes your company’s data, whether internal or external accessible to collaboration and analysis. It’s an effective strategy that can provide real-world benefits to your organization. However, it’s not without its challenges and risk.
For many businesses, a lack of time important link or resources hinders them from maximizing the value of their data. But with the emergence of cloud-based technology this barrier is disappearing which allows businesses to share their data at large scale and develop new business models. As the world becomes more connected, the ability to easily share data and insights will help in empowering more data-driven decisions. In turn, the more insights that positively impact the business will encourage further data sharing — creating a continuous positive feedback loop.
Companies that make data access and insight a top priority are more agile, better able to take advantage of opportunities and respond swiftly to threats. In addition more informed, data-driven decisions improve the quality of their products and services. General Electric’s GE Digital program, for instance, provides information to service suppliers regarding its equipment and machines to increase performance and decrease downtime.
Developing and maintaining an effective data-sharing plan requires uniform policies that are clear, precise tools and a set of procedures that are regularly followed. Data must be protected from unauthorized access, and data breaches while also adhering to the applicable laws. It’s also essential to prioritize the assurance of data quality and provide documentation to data users so that they can make informed choices.