A efficient, innovative business model that is driven by data relies on the sharing of business data. It helps create a flourishing network of information and collaboration between customers, partners and other departments within an company. This means that it can deliver a much faster time to insight and help improve performance and create new revenue opportunities.
However, like every aspect of business the practice is not without obstacles. To overcome these issues it is essential to have the proper strategies, tools, and procedures in place. To do this, it’s best to create a culture of trust and transparency in the digital space within your organization. This way it will encourage collaboration among teams and help to stop data silos from forming that could hinder productivity.
Another issue is ensuring that your data remains secure when sharing it. If you share data that has PII (personally identifiable information) It is crucial to ensure that it doesn’t get into the incorrect hands. Typically, this can be done by aggregating data, instead of sharing specific user-level details. This gives you the same information while decreasing the chance of leaks of data.
Finally, you must to ensure your sharing practices are in line with the data protection laws of all the markets in which you operate. Infractions to the laws can lead to huge fines and irreparable damage to the brand. This can be done by quickly updating all legal agreements and policies that are published on your website, such as your Privacy Policy.
