CIODigital DisruptionFocus/ComprehensionIT Best PracticesIT ExcellenceLeadership/Innovation

Use Open Data to Benefit Your Business

With innovation and digitization taking the forefront across all domains, many enterprises are willing to promote the concept of ‘open data’ to accelerate ideation and business growth. In this regard, even the top management of companies is looking for ways and suggestions to offer their data on an open platform. In this article at CIO, UK, Thomas Macaulay shares how the C-suite professionals can leverage open data to scale up their business.

Open to the World

Promoting the culture of ‘open data’ is likely to bring in better ideas for identifying and tapping potential customers, creating interactive business models, and establishing new revenue streams. Macaulay lists certain measures that can be taken by CIOs to enable open data sharing:

Align Company Goals

The Open Data Institute (ODI) opines that organizations must set definite business goals and then evaluate how open data can be used to achieve them.

Analyze the Existing Data

Once you assess the business applications of your open data, it is essential that you evaluate the current usage of data across the existing business functions like administration, finance, marketing, etc. This approach will help you realize the added benefits that you can achieve.

Explore the External Sources

After realizing the internal capabilities, move on to explore the external options. Search for business partners, vendors, customers, government setups that can help you achieve the business goals.

Promote Collaboration

Organizations from the same sector and those who share a common purpose can collaborate to make better use of their open data. This way, they are more likely to mitigate the risk factors prevailing in their sector.

Protect Privacy

While leveraging the benefits of open data, ensure that you never let go of privacy policies. Adhere to strict regulations in terms of data ownership and sharing to avoid mishaps.

To read the original article in full, visit the following link: https://www.cio.co.uk/it-strategy/how-cios-can-use-open-data-benefit-their-business-3675892/

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