Shared business data is a process that makes your company’s information, whether internal or external, available for analysis and collaboration. It’s an effective strategy that can provide real benefits to your company. But it’s not without risks and dangers.

For many companies, a lack of resources or time prevents them from taking advantage of the full potential of their data. However, with the rise of cloud-based technology, these barriers are vanishing, enabling companies to share their data at large scale and develop new business models. As the world becomes more connected, the capacity of businesses to share data and insights with ease will help drive more data-driven decisions. In turn, more insights that positively impact business will lead to further data sharing — creating a never-ending positive feedback loop.

Companies that prioritize data access and analysis are more agile and able to make the most of opportunities and respond quickly to threats. Data-driven decisions also improve the quality of their products and services. For instance, General Electric’s “GE Digital” program shares information about its equipment and machinery with service providers to decrease downtime and optimize performance.

The development and maintenance of an effective data-sharing strategy requires solid policies with clear tools and procedures that are consistently followed. Security concerns are a major issue, since data needs to be secured against intrusions or breaches that are not authorized and in compliance with the applicable laws. It’s also essential to focus www.ofboardroom.com/due-diligence-data-room-systems-are-able-to-restore-all-the-new-data-generated-by-their-clients/ on the assurance of data quality and provide documentation to data users so that they can make informed choices.