The Challenges and Risks of Sharing Business Data
Shared business data is a practice that makes your company’s data whether external or internal, available for collaboration and analysis. It’s a successful strategy that can bring real-world advantages to your organization. But it’s not without challenges and dangers.
Many organizations are unable to make the most of data due to the lack of resources or time. Cloud-based technology has lowered these barriers, allowing companies to share their data at a scale and enabling new business models. As the world becomes more connected, the capacity of companies to share data and insights easily will drive more data-driven decisions. More insights that positively impact the business will increase the sharing of data, which will create a positive feedback loops.
Companies that make access to data and insight a priority are more agile and better equipped to make the most of opportunities and react quickly to threats. Additionally more informed, data-driven decisions enhance the quality of a company’s products and services. General Electric’s GE Digital program, for instance, allows for sharing information with service providers about its equipment and machine to optimize performance and reduce downtime.
To create and maintain an effective data sharing plan, you must to have consistent policies and tools. You also need to follow a process that’s established and regularly followed. Security secure and automated due diligence concerns are the top problem, since data must be secured from unauthorized access or breaches and in compliance with the applicable laws. It’s also essential to prioritize data-quality assurance and provide documentation for users of data so they can make informed decisions.