The Challenges and Risks of Sharing Business Data
Shared business data is a practice that makes your company’s data either external or internal, available to analysis and collaboration. It’s an effective strategy that can deliver real-world benefits to your organization. However, it’s not without its challenges and risk.
For many organizations in the world, a lack or time or resources prevents them from leveraging the full value of their data. However, with the rise of cloud-based technology the barriers to data sharing are disappearing, enabling companies to share their data at the scale they need and create new business models. As the world gets more connected, the capacity of companies to share information and insights easily will drive more data-driven decisions. More insights that positively impact the business will further encourage sharing of data, resulting in positive feedback loops.
Companies that make data access and insight a top priority are more agile, able to capitalize on opportunities and respond quickly to threats. In addition more informed decisions based on data enhance the quality of a company’s products and services. For instance, General Electric’s “GE Digital” program shares details about its equipment and machinery with service providers to cut downtime and increase performance.
Implementing and maintaining a successful data-sharing strategy requires consistent policies as well as clear tools and processes that are regularly adhered to. Data must be secured from unauthorized access and breach, while also complying with the applicable laws. It is also crucial to prioritise data-quality assurance and provide documentation to data users so that they can make informed choices.
