The Benefits of Sharing Business Data

For a long time business leaders have shied away from sharing their data. This skepticism has slowly started to fade as studies have shown that it is possible to create immense value for your business by adopting a shared-information strategy.

One of the main advantages is that it allows businesses to gain a more complete understanding of market dynamics and enables them to better predict and maximize opportunities while minimizing the risk. Sharing live data with appropriate partners can streamline processes and maximize the use of resources. Consider a supply chain for example: By pooling the data from all partners involved in the process — from suppliers to manufacturers and marketing agencies — companies can get an overall picture of the demand of customers and adjust pricing as well as inventory and other operational parameters in line with.

Sharing relevant business data openly bolsters transparency and fosters an environment of collaboration that’s vital to sustain business growth. It also helps to ensure a higher standard of data quality, which generates innovation and provides competitive advantages for both private and public organizations. Transport for London, for example, opened up its data to over 600 apps, which led to an increase in innovation and saved passengers PS130,000,000 through more accurate timings of journeys.

But overcoming the resistance to data-sharing is not an easy task. It usually requires a significant shift in culture. CDOs who are successful shift the narrative from fear of risk that include sharing sensitive data, to the costs associated with not sharing.

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