The Challenges and Risks of Sharing Business Data
Shared business data is a practice that makes your company’s data both internal and external available for analysis and collaboration. It’s a smart strategy that can bring real benefits to your company. But it’s not without challenges and risks.
Many businesses aren’t able utilize the full potential of data due to a lack of resources or time. But with the emergence of cloud-based technology these barriers are going away making it possible for businesses to share their data on scale and to unlock new business models. As the world becomes increasingly connected, the capacity for businesses to share data and insights with ease will help drive more data-driven decisions. More insights that positively impact the business will lead to more sharing of information, resulting in a positive feedback loop.
Companies that place a high value on data access and insight are more agile and better able benefit from opportunities and respond quickly to threats. Data-driven decisions also enhance the quality of products and services. General Electric’s GE Digital program, for example, shares information with service suppliers about its equipment and machinery to increase performance and decrease downtime.
Implementing and maintaining a successful data-sharing strategy www.ofboardroom.com requires solid policies with clear tools and procedures that are consistently adhered to. Data must be secured from unauthorized access, and data breaches and also in compliance with applicable laws. It’s also essential to focus on data-quality assurance and provide documentation for data consumers so they can make informed decisions.
