In business, it’s vital to make data-driven decisions to ensure efficiency and growth. That’s why companies share data internally and externally in order to gain new insights to aid in informed decision-making. Data sharing can take place in many ways, from collaboration between departments to the creation of shared data platforms that connect businesses and reach common www.ofboardroom.com/nonprofit-board-roles-and-responsibilities/ goals.

The first step to get the most of your company’s data is to develop an environment that encourages collaboration that is based on data. Implementing data literacy programs for instance, could help employees understand the value of the data they work with and also how to utilize it effectively. In addition, partnering with other businesses and institutions to share data is beneficial too. This can be accomplished through industry associations, or through a search of existing data marketplaces.

Sharing data also enables more innovation. For instance, by sharing data with partners or customers, businesses can develop innovative technologies that satisfy unmet requirements. For instance the GE’s “GE Digital” program shares data with its customers about the performance of their machinery and equipment to provide customized suggestions for maintenance and improvement.

Sharing your business’s information is crucial, but it’s equally crucial to have a legitimate motive that is compliant with the law regarding data protection. This is referred to as the lawful basis, and it must be documented. When sharing data to improve efficiency, increase revenue, or create new products, it is essential to ensure that the people receiving your data are aware of what the data is being used for and have provided their consent.