Making the Most of Your Business Data

In business, it’s essential to make informed decisions for efficiency and growth. This is why companies share their information internally and externally to gain new insights to aid in informed decision-making. Data sharing can be achieved through a variety of ways, from internal collaboration between departments to the click for more creation of shared data platforms that can connect businesses to reach common goals.

The creation of a culture that is driven by data collaboration is the first step in making the most of your business data. For instance the implementation of data literacy programs can help employees understand the importance of the data they work with and how to effectively use it. Additionally, partnering up with other organizations and businesses to share data is beneficial too. This can be done through industry associations, or by looking into the market for data.

Data sharing also leads to more innovation. Businesses can, for example, create new technologies by sharing data with partners or customers. For instance, the GE’s “GE Digital” program shares data with its customers about the performance of their equipment and machinery to provide customized recommendations for maintenance and enhancement.

It’s essential to share your business’s data, but you must also have a valid legal basis that complies with the laws on data protection. This is known as the legal basis for sharing and must be documented. If you’re sharing information to improve efficiency, increase revenue or develop innovative products, it is essential to make sure that the people who receive your data are aware of what the data is being used for and have provided their consent.