In business, it’s important to make data-driven decisions for efficiency and growth. Companies share data internally and externally to gain new insights that help them make better decisions. Data sharing can happen in various ways, from collaboration within departments to the creation of shared data platforms that connect businesses and achieve common goals.
Creating a culture of data-driven collaboration is the first step to making the most of your company’s data. For instance, implementing data literacy programs will help employees understand the importance of the data they deal with and how to effectively use it. It can also be beneficial to work with other businesses or institutions to share data. This can be accomplished through associations with industry or investigating existing data markets.
Data sharing also results in more innovation. For instance by sharing data partners or customers, businesses can develop unique technologies to satisfy unmet requirements. For example 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’s important to share your business data however, you must have a valid legal foundation that is compliant with data protection laws. This is referred to as the legal basis, and it should be documented. You must ensure that everyone who receives your data has been informed of the purpose for the use of your data and has given their permission.
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