Sharing business data is a method of making your company’s internal and external data available for collaboration, innovation and analysis. It’s a powerful approach that can deliver real-world benefits to your organization. It’s not without its difficulties and risk.

Many companies aren’t able to benefit from http://ofboardroom.com/nonprofit-board-roles-and-responsibilities the full potential of data due to the lack of resources or time. Cloud-based technology has lowered these barriers, allowing companies to share data on a massive scale and enabling new business models. As the world is becoming more connected and mobile, the ability to quickly share data and insights will help drive more data-driven decision making. More insights that positively impact the business will encourage further sharing of data, resulting in an ensuing positive feedback loop.

Companies that prioritize data access and insight are more agile and better able profit from opportunities and react quickly to threats. Data-driven decisions also improve the quality of products and services. General Electric’s GE Digital program, for example, is a way to share information with service providers about its equipment and machinery to enhance performance and decrease downtime.

To develop and maintain an effective data sharing strategy, it is necessary to implement consistent policies and tools. You also need to adhere to a procedure that is established and regularly followed. Data must be secure from unauthorized access and breaches while also adhering to applicable laws. Additionally, it is important to put the emphasis on data quality and provide documentation and context for data consumers, so they have the data they need to make a sound and informed decisions.