Data-driven decision-making is crucial to boost efficiency and growth of businesses. This is why companies share their data internally and externally in order to gain new insights for more informed decision-making. Data sharing can be accomplished via a variety of ways such as internal collaboration between departments to establishing shared data platforms that link businesses to reach common goals.
Creating a culture of data-driven collaboration is the first step towards getting the most value from your company’s data. For instance the implementation of programs to improve data literacy can help staff understand the value of the information they work with as well as how to use it effectively. It is also beneficial to collaborate with other organizations or institutions in order to share data. This can be done through industry associations, or by examining existing data marketplaces.
Sharing data also enables more innovation. For instance by sharing data with customers or partners, companies can create unique technologies that meet unmet needs. For instance GE’s “GE Digital” program communicates with its customers about the performance of their machinery and equipment to offer personalized recommendations for maintenance and improvement.
Sharing your company’s data is crucial, however, it’s equally important to have a reason that is in compliance with the laws governing data protection. This is known as the lawful basis and should be documented. Whether you’re sharing data to increase efficiency, increase revenue or create innovative products, you should ensure that the people receiving your data have been made aware of what the data is being used for and have provided their consent.
