Making the Most of Your Business Data-德讯证券顾问

In business, it’s vital to make data-driven decisions for efficiency and growth. Companies share data both internally and externally in order to gain insights that help them make better decisions. Data sharing can happen by a variety of methods that range from collaboration between internal departments to creating shared data platforms that can connect businesses to achieve common goals.

Instilling a culture of data-driven collaboration is the first step to getting the most value from your company’s data. For example the implementation of programs to improve data literacy can help employees understand the value of the information they deal with and how to effectively use it. It is also beneficial to collaborate with other organizations or institutions to share data. This can be accomplished through industry associations, or by looking into the market for data.

Data sharing also facilitates greater innovation. Businesses can, for example, create new technologies by sharing data with partners or customers. For instance the GE’s “GE Digital” program shares data with its customers about the performance of their equipment and machinery to provide individualized suggestions for maintenance and improvement.

It’s essential to share the data of your business, but you must also have a legal basis that complies with the laws on data protection. This is known as the legal basis for sharing and must be documented. You must ensure that any person who has access to your data has been informed of the purpose for which it will be used and has given their permission.

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