Data-driven decision-making is http://ofboardroom.com/donor-advised-funds-vs-private-foundations vital for business growth and efficiency. Companies share their data internally and externally in order to gain information that will allow them to make better decisions. Data sharing can be accomplished via a variety of ways including internal collaboration between departments to creating shared data platforms that allow companies to achieve common goals.

Instilling a culture of data-driven collaboration is the first step to getting the most value from your business data. Implementing data literacy programs for instance, can assist employees to understand the importance of data they use and also how to utilize it effectively. It could also be beneficial to collaborate with other organizations or institutions to share data. This can be done through industry associations, or by looking into existing marketplaces for data.

Data sharing also facilitates more innovation. Businesses can, for instance develop new technologies through sharing data with partners or customers. For instance GE's GE Digital program shares data about the performance of its machines and equipment of its customers with them in order to provide individualized maintenance and improvement recommendations.

Sharing your company's data is essential, but it's equally important to have a legitimate motive that is compliant with the law regarding 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 the use of your data and has consented to the use of their data.