Making the Most of Your Business Data

In business, it’s important to make data-driven decisions to ensure efficiency and growth. Companies share their data internally and externally to gain insights that will help them make better decisions. Data sharing can take place in a variety of ways, from collaboration between departments to the creation of shared data platforms that connect businesses and achieve common goals.

The creation of a culture that is driven by data collaboration is the first step in making the most of your company’s data. Implementing programs for data literacy, for example, can aid employees in understanding the value of the data they deal with and also how to utilize it effectively. It could also be beneficial to collaborate with other companies or institutions in order to share data. This can be accomplished through important site industry associations or exploring existing data markets.

Sharing data can also lead to greater innovation. For instance when sharing data with customers or partners, companies can develop unique technologies to solve unmet needs. For instance, GE’s “GE Digital” program communicates with its customers about the performance of their machinery and equipment to offer personalized suggestions for maintenance and improvement.

Sharing your business’s data is essential, but it’s equally important to have a legitimate motive that is in line with the law on data protection. This is referred to as the legal basis, and it should be documented. When sharing data to improve efficiency, increase revenue or develop innovative products, you need to ensure that the people receiving your data are aware of what the data is being used for and have given their consent.