Data-driven decision making is essential to boost efficiency and growth of businesses. Companies share data both internally and externally to gain insights that help them make better decisions. Data sharing can occur in different ways, from collaboration within departments to the creation of shared data platforms that join businesses and accomplish common goals.

The first step to get the most out of your company’s data is to create a culture that values collaboration that is driven by data. Implementing data literacy programs for instance, could assist employees to understand the importance of data they use and how to use it effectively. It can also be beneficial to collaborate with other companies or institutions in order to share data. This can be done via industry associations, or through a search of existing data marketplaces.

Sharing data also allows for greater innovation. For instance when sharing data with customers or partners, businesses can develop innovative technologies that satisfy unmet requirements. For instance GE’s “GE Digital” program provides data to its customers on the performance of their machinery and equipment to offer personalized recommendations for maintenance and improvements.

It is essential to share your company’s data however, you must have a legal basis https://ofboardroom.com that is compliant with law on data protection. This is called the lawful basis, and it must be documented. You must ensure that anyone who has access to your data is aware of the purpose for the use of your data and has subsequently given their consent.