Making the Most of Your Business Data

Data-driven decision-making is vital for business growth and efficiency. That’s why companies share data both internally and externally to gain insights that will allow for more informed decision-making. Data sharing can be achieved via a variety of ways including internal collaboration between departments to the creation of shared data platforms that allow companies to achieve common goals.

The first step to get the most out of your business data is to build an environment that encourages collaboration based on data. Implementing programs for data literacy, for example, can aid employees in understanding the value of the data they work with and also how to make use of it. In addition, working with other institutions and businesses to share data is beneficial as well. This can be accomplished through associations with industry or looking into existing markets for data.

Data sharing can also lead to greater innovation. For instance, by sharing data with partners or customers, businesses can create unique technologies that meet unmet needs. For instance, GE’s GE Digital program shares data about the performance of its customers‘ equipment and machinery with them to provide personalized maintenance and improvement suggestions.

Sharing your company’s information is crucial, but it’s equally important to have a legitimate reason that is in compliance with data protection law. This is referred to as the legal basis, and should be documented. If you’re sharing data to improve efficiency, boost revenue or develop innovative products, it is essential to ensure that the people receiving your data have been made aware of the purpose for which it is being used for and have given their consent.