For a long time business leaders have shied away from sharing their data. This skepticism has slowly started to fade as studies show it is possible to generate tremendous value for business by adopting a shared-information strategy.
One of the main benefits is the ability to get an overall view of market dynamics. This allows businesses to better predict, leverage and minimize risks while making the most of opportunities. Sharing live data with appropriate partners can help to streamline processes and maximize the use of resources. Consider a supply chain as an example: By aggregating data from all the parties involved from marketers to suppliers and manufacturers — companies can get an accurate picture of the demand from customers. They can then modify pricing, inventory, and other operational parameters.
Sharing relevant business data in a transparent manner increases transparency and helps create an environment of collaboration that’s crucial for sustainable business growth. It also helps to ensure an improved standard of data quality, which drives innovation and creates competitive advantages for both private and public www.ofboardroom.com organisations. Transport for London, for instance, has opened its data to over 600 apps, which led to an increase in innovation and saved passengers PS130,000,000 with more precise timings of journeys.
But overcoming resistance to data sharing isn’t easy and it often requires a significant cultural shift. Successful CDOs concentrate on changing the story away from perceived risks — like exposing sensitive information — to the costs of not sharing, which could be much higher.
