In business, it’s vital to make data-driven decisions to ensure efficiency and growth. Companies share their data internally and externally to gain new insights that help them make better decisions. Data sharing can be done by a variety of methods, from internal collaboration between departments to the creation of shared data platforms that link companies to achieve common goals.
Establishing a culture of data-driven collaboration is the first step to getting the most value from your company’s data. Implementing data literacy programs such as these can help employees understand the value of the data they work with and also how to utilize it effectively. It can also be beneficial to partner with other businesses or institutions to share data. This can be accomplished through industry associations, or by examining existing marketplaces for data.
Data sharing also leads to more innovation. For instance by sharing data with customers or partners, companies can create unique technologies that solve unmet needs. For instance the GE’s «GE Digital» program shares data with its customers about the performance of their machinery and equipment to provide customized recommendations for maintenance and improvement.
Sharing business data is essential, but it’s equally important to have a reason that is compliant with the laws governing data protection. This is known as the lawful basis, and should be documented. When sharing data to improve efficiency, increase revenues or create new products, you should ensure that the individuals receiving your data are aware of the purpose for which it is being used for and have provided their consent.
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