The Challenges and Risks of Sharing Business Data

Shared business data is a process that makes your company’s data either external or internal accessible for collaboration and analysis. It’s a smart strategy that can bring real benefits to your company. However, it’s not without its challenges and risk.

In many organizations in the world, a lack or resources or time prevents them from taking advantage of the full potential of their data. Cloud-based technology has lowered the barriers to data sharing, allowing businesses to share data on a massive scale and also enabling new business models. As the world becomes increasingly connected, the capacity of companies to share information and insights with ease will help drive more data-driven decisions. More insights that positively impact business will encourage further sharing of information, resulting in positive feedback loops.

Companies that focus on data access and analysis are more agile and better equipped to take advantage of opportunities, and quickly respond to threats. Data-driven decisions also improve the quality of their products and services. General Electric’s GE Digital program, for instance, allows for sharing information with service providers about its equipment and machinery to increase performance and decrease downtime.

To create and maintain a solid data sharing strategy, you need to establish consistent policies and tools. Also, you need to follow a process that is well-defined and regularly followed. Data must be protected from unauthorized access, and data http://ofboardroom.com breaches and also in compliance with applicable laws. Additionally, it’s crucial to place a high priority on quality assurance of data and provide documentation and context to data consumers, so they have the data they require to make informed and insightful decisions.