Shared business data is an approach that makes your company’s information whether external or internal accessible for analysis and collaboration. It’s an effective strategy that can deliver real-world benefits to your organization. However, it’s not without challenges and dangers.
For many companies, a lack of time or resources keeps them from leveraging the full potential of their data. However, with the rise of cloud-based technology the barriers to data sharing are disappearing, enabling businesses to share their data at the scale they need and create new business models. As the world becomes more connected, the capacity for businesses to share data and insights quickly will lead to more data-driven decisions. The result is more insight that positively impact business will lead to more data sharing, providing an endless positive feedback loop.
Companies that make data access and analysis a top priority are more agile, better able to make the most of opportunities and react quickly to threats. Data-driven decisions also improve the quality of products and services. For instance, General Electric’s “GE Digital” program shares details about its machinery and equipment with service providers in order to minimize downtime and optimize performance.
To develop and maintain an effective data sharing strategy, you need to establish consistent policies and tools. Also, you need to adhere to a procedure that is established and regularly followed. Data should be protected from unauthorized access and breaches while also adhering to the laws in force. In addition, it’s important to put the emphasis on data quality and provide documentation and context for users of data, so that they have the data they need to make the right and informed decisions.
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