Shared business data is a practice that makes your company’s information either external or internal available for analysis and collaboration. It’s a powerful approach that can provide real-world benefits to your organization. However, it’s not without its challenges and risks.
In many organizations, a lack of time or resources hinders them from taking advantage of the full potential of their data. Cloud-based technology has removed the barriers to data sharing, allowing businesses to share data at a large scale and enabling new business models. As the world becomes more connected and mobile, the ability to quickly share information and data will to drive more data-driven decision-making. More insights that positively impact the business will increase the sharing of data, resulting in an ensuing positive feedback loop.
Companies that place a high value on data access and insights are more www.ofboardroom.com/board-of-directors-vs-board-of-management/ agile and able to benefit from opportunities and react quickly to threats. Data-driven decisions also improve the quality of products and services. For example General Electric’s “GE Digital” program shares information about its equipment and machinery with service providers in order to minimize downtime and optimize performance.
The development and maintenance of an effective data-sharing plan requires uniform policies that are clear, precise tools and a set of procedures that are regularly followed. Security concerns are a top problem, since data must be protected against breach or access by unauthorized persons and in compliance with applicable laws. Additionally, it’s crucial to place a high priority on quality assurance of data and provide documentation and context for the users of data, so they are armed with the information they require to make informed and informed decisions.