The Challenges and Risks of Sharing Business Data
Shared business data is a practice that makes your company’s information, whether internal or external accessible for collaboration and analysis. It’s a successful strategy that can bring real advantages to your company. However, it’s not without its challenges and risks.
Many companies aren’t able to benefit from the full potential of data due to an absence of resources or time. However, with the advent of cloud-based technology the barriers to data sharing are disappearing, enabling companies to share their data at scale and unlock new business models. As the world is becoming more connected and connected, the ability to seamlessly share data and insights will help in empowering more data-driven decisions. More insights that positively impact business will encourage further sharing of data, which will create a positive feedback loops.
Companies that prioritize the use of data and insights are more agile and able to take advantage of opportunities, and quickly respond to threats. In addition better-informed data-driven decisions enhance the quality of a company’s products and services. For example, General Electric’s “GE Digital” program shares details about its machinery and equipment with service providers to reduce downtime and optimize performance.
Establishing and maintaining an effective data-sharing plan requires consistency in policies that are clear, precise tools and a set of procedures that are consistently followed. Security concerns are the top challenge, as data must be protected against unauthorised access or breaches, and in compliance with the applicable laws. It’s also essential to focus on the assurance of data quality and provide documentation for data consumers so they can make informed choices.
