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Shared business data is a process that makes your company’s information either external or internal available to analysis and collaboration. It’s a strategy that will bring tangible benefits to your business. It’s not without its difficulties and dangers.

For many companies, a lack of resources or time prevents them from taking advantage of the full value of their data. Cloud-based technology has removed these barriers, allowing companies to share data at a large scale and enabling new business models. As the world becomes more connected, the capacity of businesses to share data and insights easily will drive more data-driven decisions. More insights that positively impact business will encourage further sharing of information, resulting in a positive feedback loop.

Companies that prioritize data access and insight are more agile and are better able to profit from opportunities and quickly respond to threats. In addition more informed decisions based on data enhance the quality of products and services. For example General Electric’s “GE Digital” program shares information about its equipment and machinery with service providers in order to minimize downtime and optimize performance.

Implementing and maintaining a successful data-sharing plan requires consistent policies as well as clear tools and procedures that are consistently followed. Security concerns are a major problem, since data must be protected against unauthorised access or breaches, and in compliance with applicable laws. It’s also essential to focus on data quality assurance and provide documents for consumers of data so they can make informed decisions.