The Challenges and Risks of Sharing Business Data
Sharing business data is the act of making your company’s internal or external data available for collaboration, development and analysis. It’s a powerful strategy that can bring real-world advantages for your company. However, it’s not without challenges and risks.
For many businesses the lack of time or resources hinders them from taking advantage of the full value of their data. However, with the advent of cloud-based technology this barrier is disappearing which allows companies to share their data at scale and to unlock new business models. As the world grows more connected and mobile, the ability to quickly share data and insights will help drive more data-driven decision making. More insights that positively impact business will encourage further sharing of data, creating an ensuing positive feedback loop.
Companies that prioritize data access and insights are more agile and able to benefit from opportunities and react quickly to threats. Data-driven decisions also improve the quality of products and services. For example, General Electric’s “GE Digital” program shares details about its equipment and machinery with service providers to cut the time to repair and optimize performance.
To develop and maintain a successful data sharing strategy, you need to have a consistent set of policies and tools. It is also essential to follow a plan that is clearly defined and consistently followed. Security concerns are a top issue, since data needs to be protected against breach or access by unauthorized persons and in compliance with applicable laws. Additionally, it is important to prioritise data quality assurance and provide documentation and context to data consumers, so they are armed with the information they need to make accurate and informed decisions.
