Making the Most of Your Business Data

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In the business world, it’s crucial to make data-driven choices for efficiency and growth. That’s why companies share information internally and externally to gain insights that will allow for more informed decision-making. Data sharing can be achieved via a variety of ways including internal collaboration between departments to establishing shared data platforms that can connect companies to achieve common goals.

The first step in making the most of your company’s data is to create an environment that promotes collaboration that is driven by data. For example the implementation of programs to improve data literacy will help employees understand the significance of the data they work with and how to effectively utilize it. It can also be beneficial to partner with other businesses or institutions in order to share data. This can be achieved through industry associations or by looking into existing markets for data.

Sharing data also allows for greater innovation. Businesses can, for instance develop new technologies by sharing data with customers or partners. For instance GE’s “GE Digital” program shares data with its customers on the performance of their machinery and equipment to provide individualized recommendations for maintenance and improvement.

It’s essential to share your business data however, you must have a valid legal foundation that complies with the laws regarding data protection. This is known as the lawful basis and should be documented. If you’re sharing data to improve efficiency, increase revenue, or create new products, you need to make sure that the people who receive your data have been made aware of what it’s being used for and have given their consent.


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