Making the Most of Your Business Data

In business, it’s vital to make data-driven decisions to ensure efficiency and growth. That’s why companies share information internally and externally to get new board of managers vs board of directors insights for more informed decision-making. Data sharing can be achieved via a variety of ways, from internal collaboration between departments to creating shared data platforms that connect businesses to achieve common goals.

Instilling a culture of data-driven collaboration is the first step to making the most of your company’s data. Implementing data literacy programs for instance, can assist employees to understand the importance of data they work with and also how to make use of it. It is also advantageous to collaborate with other organizations or institutions in order to share data. This can be accomplished through associations with industry or looking into existing markets for data.

Sharing data also allows for more creativity. Businesses can, for example develop 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 and provides them with personalised maintenance and improvement recommendations.

Sharing business data is important, but it’s equally important to have a valid reason that is in compliance with the law on data protection. This is known as the lawful basis and should be documented. When sharing data to improve efficiency, boost revenue or develop innovative products, you should ensure that the individuals receiving your data have been made aware of what data is being used for and have provided their consent.