In business, it’s vital to make informed decisions for efficiency and growth. This is why companies share their data internally and externally to gain insights that will allow for more informed decision-making. Data sharing can occur in different ways, from collaboration between departments to the creation of shared data platforms that connect businesses and achieve common goals.
The first step to getting the most out of your business data is to build an environment that is geared towards collaboration that is driven by data. For example the implementation of data literacy programs can help employees comprehend the significance of the data they work with and how to effectively use it. In addition, partnering with other important link organizations and businesses to share data can be beneficial too. This can be accomplished through industry associations, or by looking into existing marketplaces for data.
Data sharing also facilitates greater innovation. For instance by sharing data partners or customers, businesses can develop unique technologies to address unmet needs. For instance, GE’s GE Digital program shares data about the performance of its customers’ equipment and machinery and provides them with personalised maintenance and improvement recommendations.
It’s essential to share your business data, but you must also have a legal basis that is in line with laws on data protection. This is known as the lawful basis, and should be documented. If you’re sharing information to improve efficiency, boost revenue, or create new products, you must ensure that the individuals receiving your data are aware of what it’s being used for and have provided their consent.
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