Making the Most of Your Business Data

In business, it’s vital to make data-driven decisions to ensure efficiency and growth. Companies share data both internally and externally to gain new information that will allow them to make better decisions. Data sharing can happen by a variety of methods, from internal collaboration between departments to establishing shared data platforms that connect businesses to achieve common goals.

Establishing a culture of data-driven collaboration is the first step towards making the most of your company’s data. For example the implementation of data literacy programs will help employees understand the value of the data they work with as well as how to use it effectively. It is also beneficial to collaborate with other organizations or institutions to share data. This can be achieved through associations with industry or studying existing data markets.

Sharing data can also lead to more creativity. For instance, by sharing data with customers or partners, businesses can create unique technologies that solve unmet needs. For instance, the GE Digital program GE Digital program shares data about the performance of its customers’ machinery and equipment and provides them with personalised maintenance and improvement suggestions.

Sharing business data is essential, but it’s equally important to have a reason that is compliant with the law regarding data protection. This is known as the legal basis and should be documented. It is essential to ensure that anyone who receives your data has been informed of the purpose for which it will be used and has consented to the use of their data.

secure and automated due diligence

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