Sharing business data is the practice of making your company’s internal and external data available for collaboration, development and analysis. It’s a successful strategy that can bring real-world benefits to your business. But it’s not without risks and risks.

Many organizations are unable to utilize the full potential of data due to a lack of resources or time. Cloud-based technology has eliminated these barriers, allowing businesses to share data on a massive scale and also enabling new business models. As the world becomes more connected, the ability 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 data, resulting in an positive feedback loop.

Companies that make data access and insight a priority are more agile, better able to capitalize on opportunities and quickly respond to threats. Additionally more informed decisions based on data enhance the quality of products and services. For example General Electric’s “GE Digital” program shares information about its equipment and machinery with service providers to reduce downtime and improve performance.

Developing and maintaining an effective data-sharing strategy requires consistency in policies with clear tools and procedures that are consistently adhered to. Data must be secured from unauthorized access and breach while also adhering to the applicable laws. It’s also important to prioritize data-quality assurance and provide documentation for data consumers so they can make informed decisions.

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