Sharing business data is a method of making your company’s internal and external data available for collaboration, research and analysis. It’s a successful strategy that can deliver real-world benefits to your business. However, it’s not without challenges and risk.

For many businesses the lack of time or resources prevents them from taking advantage of the full value of their data. However, with the rise of cloud-based technology these barriers are going away which allows businesses to share their data at large scale and develop new business models. As the world grows more connected and connected, the ability to seamlessly share information and data will drive more data-driven decision making. In turn, more data that positively impact the business will spur further data sharing — creating an endless positive feedback loop.

Companies that place a high value on the use of data and insights are more agile and able to take advantage of opportunities, and respond quickly to threats. Data-driven decisions also improve the quality of their products and services. General Electric’s GE Digital program, for instance, allows for sharing information with service suppliers about its equipment and machines to improve performance and reduce downtime.

To create and maintain an effective data sharing plan, you must to have a consistent set of policies and tools. It is also essential to follow a process that’s established and regularly followed. Security concerns are a top challenge, as data must be protected against intrusions or breaches that are not authorized and in compliance with applicable laws. Additionally, it is important to prioritise data quality assurance and provide documentation and context for users of data, so that they have the data they require to make informed and informed decisions.

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