The Challenges and Risks of Sharing Business Data

Sharing business data is the practice of making your company’s internal and external data available for collaboration, development and analysis. It’s a powerful approach that can bring real-world advantages for your company. However, it’s not without challenges and risks.

Many companies are unable to make the most of data due to a lack of resources or time. But with the emergence of cloud-based technology the barriers to data sharing are disappearing and allowing businesses to share their data at the scale they need and create new business models. As the world becomes more connected and mobile, the ability to quickly share data and insights will help in empowering http://ofboardroom.com/nonprofit-board-roles-and-responsibilities more data-driven decisions. In turn, more insights that positively impact the business will encourage more data sharing, providing an endless positive feedback loop.

Companies that make data access and insight a priority are more agile, better able to seize opportunities and respond swiftly to threats. In addition better-informed data-driven decisions enhance the quality of a company’s products and services. General Electric’s GE Digital program, for instance, provides information to service suppliers regarding its equipment and machines to improve performance and reduce downtime.

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To develop and maintain an effective data sharing strategy, it is necessary to establish consistent policies and tools. You also need to adhere to a procedure that is well-defined and regularly followed. Security concerns are a top problem, since data must be secured against breach or access by unauthorized persons and in compliance with applicable laws. It’s also important to prioritize the assurance of data quality and provide documentation for data consumers so they can make informed decisions.