For a long time, business leaders have steered away from sharing their information with other businesses. But that skepticism is slowly getting less as research shows that it’s possible to achieve tremendous value for business by embracing the idea of sharing information.
One of the main benefits is the ability to obtain an all-encompassing view of market’s dynamics. This allows companies to better anticipate, leverage and manage risks while maximizing opportunities. Sharing live data with the appropriate partners can streamline processes and maximize the use of resources. Think about a supply chain: By pooling data from all of the partners involved — from marketers to suppliers and manufacturers — companies can gain a clear picture of demand from their customers. They can then adjust inventory, pricing and other operational parameters.
Sharing pertinent business information openly increases transparency and helps create an environment of collaboration that’s crucial for sustainable business growth. It also encourages a higher standard of data quality, which generates innovation and provides competitive advantages for both public and private organisations. For example Transport for London’s open database allowed more than 600 apps onto the scene, securing passengers PS130 million through more accurate journey times and encouraging third-party innovation.
However, overcoming the resistance to sharing data isn’t an easy task, and it often requires a major cultural shift. CDOs who succeed in shifting the narrative away from fears, such as sharing sensitive data, to the cost associated with not sharing.
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