Shared business data is an approach that makes your company’s data, whether internal or external accessible for analysis and collaboration. It’s an effective strategy that can bring real-world advantages to your business. It’s not without its difficulties and risk.
Many companies are unable to leverage the full value of data due to insufficient resources or time. Cloud-based technology has lowered these barriers, allowing businesses to share data at a large scale and creating new business models. As the world is becoming more connected, the ability to easily share data and insights will make more informed decisions. More insights that positively impact the business will increase the sharing of data, resulting in an ensuing positive feedback loop.
Companies that make data access and insight a top priority are more agile, better able to seize opportunities and quickly respond to threats. Additionally, more informed data-driven decisions improve the quality of their products and services. General Electric’s GE Digital program, for example, is a way to share information with service providers regarding its equipment and machines to optimize performance and reduce downtime.
To create and maintain a successful data sharing strategy, you need to implement consistent policies and tools. You also need to follow a process that’s clearly defined and consistently followed. Data must be secured from unauthorized access and breach and also in compliance with the laws in force. It’s also essential to prioritize the quality of data and provide documentation for consumers of data so they can make informed decisions.
