The Challenges and Risks of Sharing Business Data

Sharing business data is a method of making your company’s internal or external data accessible for collaboration, innovation and analysis. It’s a smart strategy that can bring real advantages to your company. However, it’s not without challenges and risks.

For many businesses in the world, a lack or time or resources prevents them from making the most of the potential of their data. However, with the rise of cloud-based technology this barrier is disappearing, enabling companies to share their data at scale and to unlock new business models. As the world is becoming more connected and more connected, the ability to easily share information and data will drive more data-driven decision making. More insights that positively impact the business will further encourage sharing of data, resulting in an positive feedback loop.

Companies that make data access and analysis a top priority are more agile, able to capitalize on opportunities and quickly respond to threats. Data-driven decisions also improve the quality of products and services. General Electric’s GE Digital program, for instance, provides information to service providers about its equipment and machinery to enhance performance and decrease downtime.

Establishing and maintaining an effective data-sharing strategy requires solid policies that are clear, precise tools and a set of procedures that are consistently adhered to. Data must be protected from unauthorized access and breach and also in compliance with the applicable laws. Additionally, it’s crucial to put the emphasis on data quality and provide documentation and context to users of data, so that they are armed with the information they need to make a sound and insightful decisions.

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