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How to Overcome the Challenges of Sharing Business Data

A profitable, innovative business model that is based on data relies on the sharing of business data. It enables a thriving network of information and collaboration with partners, customers as well as other departments within an company. As a result, it can offer a much faster speed to insights and improve performance and drive new revenue opportunities.

However, like any important aspect of business the practice is not without challenges. The key to overcome those issues is to have the proper tools, strategies and procedures in place. In order to achieve this, you need to create a culture that promotes trust and transparency in the digital realm within your organization. This way you can foster collaboration among teams and help to stop data silos from forming, which can hinder productivity.

Another issue is ensuring that your data remains secure when sharing it. If you share data that contains PII (personally identifiable information) it’s essential to ensure that it doesn’t get into the incorrect hands. This can be achieved by aggregating the data rather than sharing the individual user’s details. This gives you the same insight without the risk of leaks of data.

Finally, you’ll need to ensure that your practices for sharing are in compliance with data protection laws in all the markets you operate in. Infractions to this could result in hefty fines and irreparable damage to your brand. This can be accomplished by swiftly updating all legal agreements and policies that are published on your website, for instance your Privacy Policy.

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