A successful, innovative model of business that is data-driven relies on the sharing of business data. It helps create a vibrant ecosystem of information and collaboration with customers, partners as well as other departments within an organization. It can help deliver insights quicker and increase performance, as well as create new revenue opportunities.
Like any other important aspect of business, this practice has its problems. To overcome these difficulties you must have the right strategies, tools and processes in place. The best method to accomplish this is by establishing an environment of digital trust and transparency in the company. By doing this you can foster collaboration between teams as well as help to stop data silos from forming, which can hinder productivity.
Another issue is ensuring that your data is safe when sharing it. It’s essential to ensure that data that contains PII (personally identifiable info) does not fall into in the wrong hands. This can be achieved by aggregating the data rather than sharing details of each user. This gives you the same insights while reducing the risk of data leaks.
Also, you’ll have to ensure that your practices for sharing are compliant with the laws governing data protection in all the markets you work in. Failure to comply with this can lead to hefty penalties and irreparable harm to your brand. This can be accomplished by updating all legal agreements, policies and other information published on your website.
