In business, it’s important to make informed decisions for efficiency and growth. That’s why companies share data internally and externally to get new insights for more informed decision-making. Data sharing can be accomplished through a number of means including internal collaboration between departments to board of managers vs board of directors establishing shared data platforms that allow companies to achieve common goals.
The first step in getting the most of your company’s data is to establish an environment that encourages data-driven collaboration. Implementing data literacy programs for instance, could aid employees in understanding the importance of data they work with and how to make use of it. Additionally, partnering up with other organizations and businesses to share data could be beneficial too. This can be done via industry associations, or by examining the market for data.
Data sharing can also lead to more innovation. Businesses can, for instance create new technologies by sharing data with partners or customers. For instance, GE’s “GE Digital” program communicates with its customers about the performance of their equipment and machinery to provide individualized recommendations for maintenance and enhancement.
Sharing business data is crucial, however, it’s equally important to have a reason that is compliant with the law regarding data protection. This is known as the lawful basis for sharing and must be documented. It is essential to ensure that anyone who is receiving your data is aware of the purpose for which it will be used and has given their permission.