Data-driven decision-making is vital for business growth and efficiency. Companies share their data internally and externally in order to gain new insights that help them make better decisions. Data sharing can happen in different ways, from collaboration between departments to the creation of shared data http://ofboardroom.com/board-of-directors-vs-board-of-management platforms to bring businesses together and achieve common goals.
The creation of a culture that is driven by data collaboration is the first step to making the most of your company’s data. Implementing programs for data literacy for instance, can aid employees in understanding the value of data they use and also how to make use of it. It could also be beneficial to collaborate with other companies or institutions in order to share data. This can be accomplished through industry associations, or by looking into the market for data.
Data sharing can also lead to greater innovation. Businesses can, for example, create new technologies by sharing data with partners or customers. For instance the GE Digital program GE Digital program shares data about the performance of its customers’ machinery and equipment with them, allowing them to provide customized maintenance and improvement suggestions.
It is important to share the data of your business however, you must have a valid legal basis that complies with the data protection laws. This is known as the legal basis and should be documented. If you’re sharing data to improve efficiency, increase revenue or create innovative products, it is essential to ensure that the individuals receiving your data have been made aware of what data is being used for and have given their consent.