Shared business data is a method that makes your company’s information whether external or internal available for collaboration and analysis. It’s an effective strategy that can provide real benefits to your business. There are challenges and dangers.
For many companies in the world, a lack or resources or time prevents them from leveraging the full value of their data. However, with the rise of cloud-based technology the barriers to data sharing are disappearing and allowing businesses to share their data on scale and to unlock new business models. As the world gets more connected, the capacity of businesses to share data and information easily will enable more data-driven decisions. The result is more insight that positively impact company will drive more data sharing, creating a continuous positive feedback loop.
Companies http://ofboardroom.com/donor-advised-funds-vs-private-foundations that focus on data access and analysis are more agile and able to make the most of opportunities and respond quickly to threats. Data-driven decisions also enhance the quality of products and services. General Electric’s GE Digital program, for instance, allows for sharing information with service providers about its equipment and machines to improve performance and reduce downtime.
To develop and maintain a successful data sharing strategy, you need to have consistent policies and tools. Additionally, you must adhere to a procedure that is established and regularly followed. Data should be protected from unauthorized access and breach and also in compliance with applicable laws. It’s also essential to focus on the assurance of data quality and provide documentation for consumers of data so they can make informed decisions.
