Data-driven decision-making is vital to boost efficiency and growth of businesses. That’s why companies share data internally and externally to get new insights for more informed decision-making. Data sharing can be done via a variety of ways including internal collaboration between departments to creating shared data platforms that connect businesses to achieve common goals.

Creating a culture of data-driven collaboration is the first step towards getting the most value from your company’s data. For example using data literacy programs will help employees understand the importance of the data they work with and how to effectively utilize it. It could also be beneficial to partner with other businesses or institutions in order to share data. This can be done through industry associations, or by exploring the market for data.

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

Sharing business data is crucial, however, it’s equally crucial to have a legitimate reason that is in compliance with the law regarding data protection. This is known as the legal basis and should be documented. When sharing data to improve efficiency, boost revenue or create innovative products, it is essential to ensure that the individuals receiving your data are aware of what it’s being used for and have given their consent.