Sharing business data is a key element of a successful business model that is based on data. It creates a vibrant environment for collaboration and information between customers, partners and other departments within an organization. It will provide a quicker time to insight and help to improve performance and create new revenue opportunities.

As with any important aspect of business, the practice has its obstacles. To overcome these obstacles it is essential to have the right strategies, tools and processes in place. To achieve this, it is essential to establish a culture of trust and transparency in the digital space within your business. It is possible to encourage collaboration between teams and stop data silos from forming which could hamper productivity.

A second challenge is to ensure that your data is secure when you share it. It board of managers vs board of directors is crucial to ensure that data that contains PII (personally identifiable information) isn’t able to fall into wrong hands. Often, this can be accomplished by aggregating data, instead of sharing specific user-level details. This allows you to gain the same insights while decreasing the chance of data leaks.

Finally, you must to ensure that your sharing practices comply with the data protection laws of all the markets in which you are operating. Failure to adhere to the laws can lead to large fines and irreparable damage to your brand. This can be accomplished by swiftly updating all legal agreements and policies posted on your website, such as your Privacy Policy.