Shared business data is an approach that makes your company’s data, whether internal or external accessible to collaboration and analysis. It’s an effective strategy that can provide real-world benefits to your organization. However, it’s not without challenges and dangers.
For many businesses, a lack of resources or time prevents them from leveraging the full value of their data. Cloud-based technology has reduced the barriers to data sharing, allowing businesses to share data at a large scale and also enabling new business models. As the world is becoming more connected, the ability to easily share information and data will make more informed decisions. In turn, more insights that positively impact business will encourage more data sharing, creating an endless positive feedback loop.
Companies that focus on data access and analysis are more agile and able to take advantage of opportunities, and quickly respond to threats. Data-driven decisions also improve the quality of products and services. General Electric’s GE Digital program, for example, shares information with service providers regarding its equipment and machines to enhance performance and decrease downtime.
Implementing and maintaining a successful data-sharing strategy requires solid policies as well as clear tools and procedures that are consistently followed. Security concerns are a top challenge, as data must be secured against unauthorized access or breaches and in compliance with the applicable laws. It is also crucial to prioritise data quality assurance and provide documents for data consumers so they can make informed decisions.
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