www.ofboardroom.com/nonprofit-board-roles-and-responsibilities/
Data-driven decision making is essential for business growth and efficiency. Companies share data both internally and externally to gain information that will allow them to make better decisions. Data sharing can be accomplished through a number of means, from internal collaboration between departments to the creation of shared data platforms that link businesses to reach common goals.
The first step in making the most out of your company’s data is to create an environment that promotes collaboration that is based on data. Implementing data literacy programs such as these can help employees understand the value of the data they work with and also how to utilize it effectively. Additionally, partnering up with other companies and institutions to share data can be beneficial too. This can be accomplished through industry associations or investigating existing data markets.
Sharing data also enables greater innovation. For instance, by sharing data with customers or partners, companies can develop new technologies that meet unmet needs. For instance, the GE Digital program GE Digital program shares data about the performance of its customers’ equipment and machinery with them in order to provide individualized maintenance and improvement suggestions.
It is important to share the data of your business however, you must have a valid legal basis that is in line with laws regarding data protection. This is known as the lawful basis, and it must be documented. You must ensure that anyone who has access to your data has been informed of the purpose for which it will be used and has consented to the use of their data.