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In business, it’s important to make informed decisions for efficiency and growth. Companies share their data internally and externally to gain insights that can help them make better decisions. Data sharing can be done in a variety of ways, ranging from collaboration within departments to the creation of shared data platforms that join businesses and accomplish common goals.

The first step to getting the most of your business data is to build a culture that values data-driven collaboration. Implementing data literacy programs, for example, can aid employees in understanding the value of the data they work with and how to make use of it. It can also be beneficial to collaborate with other organizations or institutions in order to share data. This can be accomplished through associations with industry or studying existing data markets.

Sharing data also allows for more creativity. For instance when sharing data with customers or partners, businesses 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 essential to share the data of your business, but you must also have a legal basis that complies with the law on data protection. This is called the lawful basis, and it must be documented. When sharing data to improve efficiency, boost revenues or create new products, you need to ensure that the individuals receiving your data have been made aware of what it’s being used for and have given their consent.