{"id":466,"date":"2021-09-18T14:45:12","date_gmt":"2021-09-18T04:45:12","guid":{"rendered":"https:\/\/www.grip6.com.au\/?p=466"},"modified":"2023-03-06T08:53:30","modified_gmt":"2023-03-05T21:53:30","slug":"how-to-establish-strong-relationship-between-customers-and-employees-through-data-sharing","status":"publish","type":"post","link":"https:\/\/www.grip6.com.au\/how-to-establish-strong-relationship-between-customers-and-employees-through-data-sharing\/","title":{"rendered":"How to Establish Strong Relationship between Customers and Employees through Data-sharing"},"content":{"rendered":"<p class=\"reader-text-block__paragraph\"><em>Having a data-sharing culture within the company is important in getting more value in your company analytics. Below is an article that discusses building a data-sharing culture.<\/em><\/p>\n<p class=\"reader-text-block__paragraph\">I have summarised the key take aways below and the article can be sourced at the bottom of this post.<\/p>\n<p class=\"reader-text-block__paragraph\">For decades, business leaders have shied away from sharing data \u2014 not just with competitors, but even with internal stakeholders in other business units.<\/p>\n<p class=\"reader-text-block__paragraph\">This mindset is starting to shift, however, as studies back up the benefits of sharing data.<\/p>\n<p class=\"reader-text-block__paragraph\">According to the latest Gartner Chief Data Officer Survey, data sharing is a business-facing key performance indicator of achieving effective stakeholder engagement and providing enterprise value. CDOs who have successfully executed data-sharing initiatives in their organisations are 1.7 times more effective at showing business value and return on investment from their data analytics strategy.<\/p>\n<p class=\"reader-text-block__paragraph\"><strong>Tie data sharing initiatives to companywide goals<\/strong><\/p>\n<p class=\"reader-text-block__paragraph\">The most successful CDOs can tie data sharing initiatives not just to information technology goals but to companywide KPIs such as improved customer experience, cost optimisation, revenue generation, or compliance. In addition, leaders who achieve these types of results are increasingly asked to take on digital transformation efforts and other strategic objectives, Clougherty Jones said. In other words, their focus is moving from data and analytics in IT alone to data and analytics for the business as a whole. These CDOs were also more likely to see their budgets increase.<\/p>\n<p class=\"reader-text-block__paragraph\"><strong>Talk about data sharing to overcome roadblocks<\/strong><\/p>\n<p class=\"reader-text-block__paragraph\">Improving data literacy throughout the organisation is another critical part of the CDO\u2019s communication strategy. \u201cWhen everyone \u2018speaks data\u2019 in the same way, everybody can understand each other,\u201d Clougherty Jones said. The immediate benefit is giving employees the skills they need to make data-driven decisions, while the downstream effect is empowering employees to use data to monetise assets and drive value, she said.<\/p>\n<p class=\"reader-text-block__paragraph\">If nothing else, CDOs can point to the growing use cases for data sharing, even among competitive organisations: Safety in aviation, efficiency in global supply chains, customer experience in retail, predictive analytics in health care, student life on college campuses, and so on. \u201cThere&#8217;s now a recognition that collaboration with the right amount of data sharing is not only good for industry but good for individual business, citizens, and consumers,\u201d Clougherty Jones said.<\/p>\n<p class=\"reader-text-block__paragraph\"><strong>3 steps to building a data-sharing culture<\/strong><\/p>\n<p class=\"reader-text-block__paragraph\">1.\u00a0\u00a0\u00a0\u00a0\u00a0<strong>Set priorities.<\/strong>\u00a0Many CDOs say they\u2019re overwhelmed with options for using data. Clougherty Jones tells them to prioritise three types of initiatives: internal cost savings, net new revenue or other outward-facing business value, or risk mitigation. In this case, she said, risk isn\u2019t necessarily the misuse or loss of data; instead, it\u2019s poor operational or financial decision-making due to a lack of data.<\/p>\n<p class=\"reader-text-block__paragraph\">2.\u00a0\u00a0\u00a0\u00a0\u00a0<strong>Prepare the enterprise.<\/strong>\u00a0Breaking down data silos isn\u2019t just a matter of integrating business applications and developing a data management strategy. CDOs need to address the \u201cemotional barriers\u201d around sharing data, she said. \u201cThere is a fear that if data is shared, there&#8217;ll be risk of harm, or risk of exposure, or [risk of] showing a lack of performance.\u201d It helps to tie a push for sharing data to a specific business case or strategic goal with clearly defined KPIs.<\/p>\n<p class=\"reader-text-block__paragraph\">3.\u00a0\u00a0\u00a0\u00a0\u00a0<strong>Educate legal counsel.<\/strong>\u00a0The more the legal team knows about data, the better, said Clougherty Jones, who has two decades of experience as a lawyer helping enterprises navigate data-sharing compliance. Helping to improve the legal department\u2019s data literacy leads to better contracts, better risk protection, and better-defined business goals. \u201cWe have seen so many instances of missteps,\u201d she said. \u201cA contract could have provided for innovative data value generation \u2013 but nobody knew about it.\u201d<\/p>\n<p class=\"reader-text-block__paragraph\"><em>You can read the full article\u00a0<\/em><em><a href=\"https:\/\/mitsloan.mit.edu\/ideas-made-to-matter\/case-building-a-data-sharing-culture-your-company?utm_source=thinkingforward&amp;utm_medium=email&amp;utm_id=sharingculture\">here<\/a><\/em><em>, and don\u2019t hesitate to discuss your thoughts with me in the comments. You can also email me at murray@grip6.com.au, or call me on 0407-047-243 if you want to talk about reaching your business\u2019 full potential.<\/em><\/p>\n<p class=\"reader-text-block__paragraph\"><em>\u00a0<\/em><\/p>\n<p class=\"reader-text-block__paragraph\"><em>Regards,<\/em><\/p>\n<p class=\"reader-text-block__paragraph\"><strong><em>Murray<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Having a data-sharing culture within the company is important in getting more value in your company analytics. Below is an article that discusses building a data-sharing culture&#8230;<\/p>\n","protected":false},"author":1,"featured_media":467,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Establish Strong Relationship between Customers and Employees through Data-sharing | Grip 6<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.grip6.com.au\/how-to-establish-strong-relationship-between-customers-and-employees-through-data-sharing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Establish Strong Relationship between Customers and Employees through Data-sharing | Grip 6\" \/>\n<meta property=\"og:description\" content=\"Having a data-sharing culture within the company is important in getting more value in your company analytics. 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