A successful, innovative model of business that is based on 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 organisation. In turn, it can deliver a much faster time to insight and help improve performance and drive new revenue opportunities.
However, as with any other important aspect of business, the practice will not be without challenges. To overcome these obstacles it is essential to have the appropriate strategies, tools and procedures in place. In order to achieve this, it is essential to establish a culture of trust and transparency in the digital space within your company. This way it will encourage collaboration between teams and to prevent data siloes from forming, which can hinder productivity.
Another issue is to ensure that your data is secure when sharing it. It’s important to ensure that information containing PII (personally identifiable information) isn’t able to fall into unintentional hands. Typically, this can be accomplished by aggregating data, instead of sharing specific user-level details. This lets you gain the same insights while decreasing the chance of leaks of data.
Finally, you must to ensure that your sharing practices are in line with the data protection laws of all the markets in which you are operating. Failure to adhere to these laws could lead to large fines and irreparable damage to your brand. This can be accomplished by swiftly updating all legal agreements and policies posted on your website, such as your Privacy Policy.