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Sharing business data is the process of making your company’s internal or external data available for collaboration, innovation and analysis. It’s an effective strategy that can bring real-world benefits to your organization. But it’s not without challenges and risk.

For many companies, a lack of resources or time prevents them from maximizing the potential of their data. However, with the rise of cloud-based technology, these barriers are vanishing and allowing companies to share their data on large scale and develop new business models. As the world becomes increasingly connected, the ability of companies to share information and insights easily will drive more data-driven decisions. More insights that positively impact business will lead to more sharing of data, creating an ensuing positive feedback loop.

Companies that make access to data and insights a top priority are more agile, and better able to capitalize on opportunities and respond swiftly to threats. Data-driven decisions also improve the quality of products and services. General Electric’s GE Digital program, for example, is a way to share information with service suppliers about its equipment and machine to enhance performance and decrease downtime.

To develop and maintain a solid data sharing plan, you must to have a consistent set of policies and tools. Also, you need to follow a process that is well-defined and regularly adhered to. Data should be protected from unauthorized access and breach, while also complying with the laws in force. Additionally, it is important to prioritize data quality assurance and provide documentation and context to users of data, so that they have the data they require to make informed and informed decisions.