A successful, innovative business model that is data-driven relies on the sharing of business data. It creates a flourishing network of information and collaboration between customers, partners and other departments within an company. It will help you gain insights much faster and improve performance as well as provide new revenue opportunities.

But, as with any other important aspect of business, the practice has its obstacles. To overcome these issues you must have the appropriate strategies, tools and procedures in place. The best method to accomplish this is to establish a culture of digital trust and transparency within the organization. By doing so you can promote collaboration between teams as well as help to prevent data silos from forming that could hinder productivity.

A second challenge is to ensure that your data is safe when you share it. If you share data that includes PII (personally identifiable information) it’s essential to make sure that it doesn’t fall into the wrong hands. Most often, this is accomplished by aggregating data instead of sharing individual user-level data. This allows you to get the same data with a lower risk of data leaks.

Additionally, you’ll need ensure that your sharing practices are compliant with data protection laws in all markets you operate in. Failure to comply with this can result in costly fines and irreparable damage to your brand. This can be done by important site updating all legal agreements policies, guidelines and other information that you post on your website.