Making the Most of Your Business Data

Data-driven decision-making is crucial to boost efficiency and growth of businesses. This is why companies share their data both internally and externally to gain new insights for more informed decision-making. Data sharing can be accomplished through a number of means such as internal collaboration between departments to the creation of shared data platforms that allow businesses to reach common goals.

The creation of a culture that is driven by data collaboration is the first step towards making the most of your business data. Implementing programs for data literacy for instance, could aid employees in understanding the importance of data they use and how to make use of it. It is also advantageous to work with other businesses or institutions to share data. This can be achieved through industry associations or by investigating existing data markets.

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

Sharing business information is crucial, but it’s equally important to have a legitimate motive that complies with the laws governing data protection. This is called the lawful base, and it has to be documented. When sharing data to increase efficiency, increase revenue, or create new products, you should ensure that the individuals receiving your data are aware of what data is being used for and have provided their consent.