The Challenges and Risks of Sharing Business Data

Sharing business data is a method of making your company’s internal or external data available for collaboration, research and analysis. It’s a powerful strategy that can deliver real-world benefits for your company. It’s not without its difficulties and risks.

In many organizations the lack of resources or time prevents them from making the most of the potential of their data. Cloud-based technology has lowered these barriers, allowing businesses to share data on a massive scale and creating new business models. As the world is becoming more connected and mobile, the ability to quickly share data and insights will help drive more data-driven decision making. In turn, more insights that positively impact business will lead to further data sharing — creating an endless positive feedback www.ofboardroom.com/board-of-directors-vs-board-of-management/ loop.

Companies that place a high value on data access and insights are more agile and better equipped to benefit from opportunities and quickly respond to threats. In addition, more informed data-driven decisions enhance the quality of a company’s products and services. General Electric’s GE Digital program, for instance, provides information to service suppliers about its equipment and machine to enhance performance and decrease downtime.

To create and maintain a solid data sharing strategy, it is necessary to implement consistent policies and tools. Also, you need to follow a process that is well-defined and regularly followed. Security concerns are a top challenge, as data must be secured against breach or access by unauthorized persons and in compliance with the applicable laws. It’s also essential to focus on data-quality assurance and provide documentation for users of data so they can make informed decisions.