In business, it’s essential to make data-driven decisions for efficiency and growth. Companies share data both internally and externally in order to gain insights that help them make better decisions. Data sharing can take place in many ways, from collaboration within departments to the creation of shared data platforms that connect businesses and reach common goals.
Creating a culture of data-driven collaboration is the first step to getting the most value from your company’s data. For instance using data literacy programs will help employees understand the value of the data they work with and how to effectively use it. It is also advantageous to collaborate with other companies or institutions in order to share data. This can be accomplished through industry associations or by looking into existing markets for data.
Sharing data also enables more creativity. Businesses can, for instance, create new technologies by sharing data with partners www.ofboardroom.com/donor-advised-funds-vs-private-foundations/ or customers. For instance, GE’s “GE Digital” program provides data to its customers on the performance of their machinery and equipment to offer personalized suggestions for maintenance and improvement.
It is important to share your business data, but you must also have a valid legal foundation that complies with the law on data protection. This is called the lawful basis, and should be documented. If you’re sharing information to improve efficiency, boost revenues or create new products, you must ensure that the people receiving your data are aware of the purpose for which it is being used for and have provided their consent.