Shared business data is a practice that makes your company’s information either external or internal available to collaboration and analysis. It’s an effective strategy that can bring real-world benefits to your business. However, it’s not without challenges and risk.

For many businesses in the world, a lack or time or resources hinders them from leveraging the full value of their data. Cloud-based technology has eliminated these barriers, allowing companies to share data on a massive scale and enabling new business models. As the world gets more connected, the capacity of companies to share information and information easily will enable more data-driven decisions. More insights that positively impact the business will encourage further sharing of data, creating an positive feedback loop.

Companies that focus on data access and insight are more agile and are better able to profit from opportunities and react quickly to threats. Data-driven decisions also improve the quality of their products and services. For example General Electric’s “GE Digital” program shares details about its machinery and equipment with service providers to decrease downtime and optimize performance.

To develop and maintain a successful data sharing plan, you must to have a consistent set of policies and tools. Additionally, you must follow a process that is well-defined and regularly adhered to. Data should be protected from unauthorized access and data breaches and also in compliance with the applicable laws. It’s also important to prioritize the quality of data and provide documentation for consumers of data so they can make informed decisions.

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