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Imagine you are lost in the forest and your team members all have different talents. You can survive in the wild by sharing your resources and expertise. Business is the same. With the right strategy companies of any size can gain new perspectives and insights, identify untapped opportunities, and enjoy tremendous success, all thanks to data-powered collaboration.

Data sharing is an essential business practice in virtually every industry. It can spur innovation and improve customer service and enhance competitive advantages. However, it’s not without its risks and pitfalls.

Businesses must also be aware of potential legal issues to consider when creating their data-sharing procedures and policies. These issues could impact compliance, reputation as well as profitability, and they need to be monitored and analyzed with care.

The first step is to make explicit and enforceable agreements for data sharing and contracts with all data partners and stakeholders. Then, companies must collaborate and communicate to ensure everyone is on the exact same page regarding what data will be shared and how it will be used, and to resolve any issues or concerns.

To safeguard sensitive information it is essential to implement robust security and data governance measures. These include encryption and authorization techniques to safeguard against disclosure or access that is not authorized of data; strategies for pseudonymization and data anonymization to reduce data sensitivity, and to ensure identifiability, as well as data analytics and governance to monitor and control access and use.