A successful, innovative business model that is data-driven relies on the sharing of business data. It creates a vibrant network of information and collaboration with partners, customers as well as other departments within an company. It can provide a faster time to insights and help increase performance and generate new revenue opportunities.
However, like every aspect of business the practice will not be without difficulties. The key to overcome those difficulties is to have appropriate tools, strategies and processes in place. The best method to accomplish this is by establishing the culture of digital trust and transparency within the organization. It is possible to encourage collaboration between teams and stop the development of data silos, which can hinder productivity.
Another concern is making sure that your data is secure when sharing it. If you share information that contains PII (personally identifiable information) it’s essential to ensure that it doesn’t fall into the incorrect hands. This can be accomplished by gathering the data rather than sharing individual user details. This allows you to gain the same insights while decreasing the chance of leaks of data.
In the end, you’ll need to ensure that your sharing practices conform to the data protection laws of all markets in which you are operating. Infractions to these laws could result in hefty fines as well as irreparable damage to the brand. This can be done by updating all legal agreements, policies and other information that are posted on your site.