Making the Most of Your Business Data

In business, it’s essential to make data-driven choices for efficiency and growth. Companies share their data internally and externally in order to gain insights that will help them make better decisions. Data sharing can happen through a number of means such as internal collaboration between departments to the creation of shared data platforms that allow companies to achieve common goals.

The first step in getting the most out of your business data is to create a culture that values collaboration based on data. For instance the implementation of data literacy programs can help staff understand the value of the information they work with and how to effectively use it. In addition, partnering with other companies and institutions to share data can be beneficial as well. This can be achieved through industry associations or by investigating existing data markets.

Sharing data also enables more creativity. Businesses can, for instance create new technologies by sharing data with customers or partners. For example the GE Digital program GE Digital program shares data about the performance of its customers’ equipment and machinery with them in order to provide individualized maintenance and improvement suggestions.

It is essential to share your company’s data, but you must also have a legal basis that is in line with data protection laws. This is known as the legal basis and should be documented. If you’re sharing data to improve efficiency, increase revenue or develop innovative products, it is essential to ensure that the individuals receiving your data have been made aware of what it’s being used for and have provided their consent.


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