Shared business data is a practice that makes your company’s information, whether internal or external available to analysis and collaboration. It’s a successful strategy that can bring real-world advantages to your organization. However, it’s not without challenges and risks.
For many businesses there is a lack of resources or time prevents them from taking advantage of the full potential of their data. Cloud-based technology has eliminated these barriers, allowing companies to share data at scale and enabling new business models. As the world becomes more connected, the capacity of businesses to share data and insights with ease will help drive more data-driven decisions. More insights that positively impact business will increase the sharing of information, resulting in an ensuing positive feedback loop.
Companies that make data access and analysis a top priority are more agile, able to make the most of opportunities and respond quickly to threats. Data-driven decisions also improve the quality of products and services. General Electric’s GE Digital program, for instance, provides information to service providers regarding its equipment and machines to optimize performance and reduce downtime.
Implementing and maintaining a successful data-sharing plan requires solid policies as well as clear tools and procedures that are regularly followed. Data must be protected from unauthorized access and breach while also ensuring compliance with the applicable laws. It’s also important to prioritize the assurance of data quality and provide documentation for users of data so they can make informed decisions.
