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Sharing business data is a key aspect of a successful business model that is based on data. It allows for a flourishing ecosystem of information and collaboration with partners, customers, and other departments across an company. It can help deliver insights quicker and increase performance as well as drive new revenue opportunities.

However, like any other important aspect of business, the process is not without challenges. To overcome these challenges you must have the proper strategies, tools, and procedures in place. The best way to do this is to create a culture of digital trust and transparency within the organization. By doing this it will encourage collaboration between teams and help to prevent data silos from forming, which can hinder productivity.

Another challenge is to ensure that your data is safe when you share it. If you share data that contains PII (personally identifiable information) it is essential to make sure that it doesn’t end up in the incorrect hands. Often, this can be done by aggregating data instead sharing individual user-level data. This lets you gain the same insights while decreasing the chance of data leaks.

In the end, you’ll need ensure that your practices for sharing are compliant with the data protection laws of every market you operate in. Failure to adhere to the laws can lead to hefty fines as well as irreparable damage to the brand. This can be done by updating all legal agreements as well as policies and other information that you post on your website.