Making the Most of Your Business Data

In business, it’s essential to make data-driven choices for efficiency and growth. That’s why companies share their data internally and externally to gain insights that will allow for more informed decision-making. Data sharing can take place in many ways, from collaboration between departments to the creation of shared data platforms to connect businesses and achieve common goals.

Instilling a culture of data-driven collaboration is the first step to making the most of your business data. Implementing programs for data literacy such as these can assist employees to understand the importance of data they work with and how to use it effectively. It is also beneficial to collaborate with other companies or institutions to share data. This can be done via industry associations, or through a search of existing data marketplaces.

Sharing data also allows for more innovation. For instance by sharing data with customers or partners, businesses can develop new technologies that meet unmet needs. For example, GE’s GE Digital program shares data about the performance of its machines and equipment of its customers and provides them with personalised maintenance and improvement suggestions.

Sharing your business data is crucial, however, it’s equally important to have a reason that is compliant with the law regarding data protection. This is referred to as the lawful basis, and should be documented. Whether you’re sharing data to increase efficiency, increase revenue, or create new products, you should ensure that the individuals receiving your data have been made aware of what it’s being used for and have given their consent.

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