Sharing business data is a method of making your company’s internal or external data available for collaboration, innovation and analysis. It’s a successful strategy that can bring real benefits to your business. But it’s not without risks and risks.

In many organizations there is a lack of time or resources keeps them from making the most of the potential of their data. However, with the advent of cloud-based technology the barriers to data sharing are disappearing making it possible for businesses to share their data at large scale and develop new business models. As the world is becoming more connected and mobile, the ability to quickly share information and insights will drive more data-driven decision making. In turn, more insights that positively impact business will lead to more data sharing, creating a never-ending positive feedback loop.

Companies that prioritize data access and insights are more agile and are better able to take www.ofboardroom.com/board-of-directors-vs-board-of-management/ advantage of opportunities, and react quickly to threats. In addition more informed decisions based on data enhance the quality of a company’s products and services. General Electric’s GE Digital program, for example, is a way to share information with service providers about its equipment and machines to optimize performance and reduce downtime.

Establishing and maintaining an effective data-sharing plan requires consistency in policies as well as clear tools and processes that are consistently followed. Data should be protected from unauthorized access and data breaches and also in compliance with the laws in force. It’s also essential to prioritize data quality assurance and provide documents for users of data so they can make informed choices.