The Challenges and Risks of Sharing Business Data

Shared business data is a process that makes your company’s information either external or internal available for analysis and collaboration. It’s an effective strategy that can provide real benefits to your company. It’s not without its challenges and risks.

For many businesses the lack of time or resources hinders them from making the most of the value of their data. However, with the rise of cloud-based technology these barriers are going away which allows businesses to share their data on scale and unlock new business models. As the world becomes more connected, the ability for businesses to share data and information easily will enable more data-driven decisions. In turn, the more insights that positively impact business will spur further data sharing — providing an endless positive feedback loop.

Companies that make data access and insight a top priority are more agile, able to make the most of opportunities and respond quickly to threats. Data-driven decisions also improve the quality of their products and services. For instance, General Electric’s “GE Digital” program shares information about its equipment and machinery with service providers to reduce downtime and improve performance.

Developing and maintaining an effective data-sharing strategy requires solid policies with clear tools and procedures that are regularly followed. Data must be secure from unauthorized access and data breaches, while also complying with the laws in force. Additionally, it is important to prioritise data quality click here to investigate assurance and provide documentation and context to users of data, so that they have the data they require to make informed and insightful decisions.