In today's fast-paced business environment, data is the key to success for any organization. Managing, governing, and sharing data assets is essential for unlocking their full potential. Sharing data across business units, partners, customers, and stakeholders is crucial for creating new opportunities and driving new business models. Data sharing, however, has always been complex to understand and implement in many companies.

The reality is that data sharing is a two-way street where both parties must ensure that they receive exactly what they have agreed on. Transparency is crucial in building trust with customers and other stakeholders. By fulfilling regulatory requirements, organizations can ensure that they are operating within legal boundaries, providing a safe and secure environment for data sharing.

Ideally, data sharing enables organizations to monetize their data assets, by creating new revenue streams and unlocking additional value. Sharing data also plays a significant role in research and development. By collaborating with academics, governments, and non-profits, organizations can accelerate their research and development efforts, which can lead to new products and services that meet the needs of their current and future customers.

Picture: Data share has elements from different source systems

When and How to Share Data

The most common way organizations share data is through their online systems, such as webshops, providing information about transactions and personal data. Social media platforms also allow users to export their data. However, most data-sharing use cases are heavily attached to GDPR or related to other regulatory requirements, which rarely create any extra revenue streams.

The most undervalued data collaboration is between companies. The amount of emails, spreadsheets, and communication that companies go through before agreeing on something is enormous. What if the price negotiation process could be automated? What if organizations could see how much of their product will be sold and which types of end consumers are really buying their products? These are just a few of the questions that can be answered with data sharing.

Conclusion

Sharing data can give organizations a competitive edge by unlocking new opportunities and driving innovation. By implementing a data-sharing strategy, organizations can reduce duplicate work, ensure a single source of truth, and build a data culture that is based on quality data.

Take advantage of data sharing and unlock the full potential of your organization's data assets. Start collaborating with your customers, partners, and stakeholders, monetize your data assets, and fulfill regulatory requirements to provide a safe and secure environment for data sharing.

WHAT NEXT? 

DOWNLOAD OUR GUIDE FOR DATA SHARING TO HELP YOU START EXPLORING THE POSSIBILITIES TO MONETIZe YOUR DATA ASSETS.