Sharing business data is a core part of an effective, innovative data-driven business model. It helps create a flourishing ecosystem for information and collaboration between customers, partners, and other departments within an company. As a result, it can offer a much faster speed to insights and to improve performance and create new revenue opportunities.
As with any important aspect of business, this practice is not without its challenges. To overcome these challenges it is essential to have the right strategies, tools and procedures in place. To accomplish this, it’s best to create a culture that promotes trust and transparency in the digital realm within your business. It will encourage collaboration between teams and prevent data silos from growing which can hamper productivity.
Another issue is to ensure that your data is safe when you share it. If you share data that includes PII (personally identifiable information) it’s essential to make sure that it doesn’t get into the in the wrong hands. Most often, this is accomplished by aggregating data instead of sharing individual user-level information. This allows you to get the same insight with less risk of leaks of data.
Finally, you’ll need to ensure that your sharing practices are compliant with the laws governing data protection in all markets you operate in. In the absence of compliance, it could result in significant fines and irreparable damage to your brand. This can be achieved by updating all legal agreements or policies that are posted on your site.
