For decades the business world has steered clear of sharing their data with others. However, that skepticism is becoming less shaky as research suggests that it’s possible to gain huge economic value by adopting the concept of sharing information.
One of the main benefits is the ability to get a holistic view of the market dynamics. This allows companies to better anticipate, leverage and manage risks while maximising opportunities. By sharing live data with the right partners, businesses can also streamline processes and improve utilization of resources. Consider a supply chain By pooling the data of all the parties involved — from marketers to suppliers and manufacturers — companies can gain a clear picture of demand from their customers. They can then modify pricing, inventory, and other operational parameters.
Sharing relevant business data in a transparent manner improves transparency and encourages collaboration, which is vital for sustainable growth. It also helps raise the bar of data quality, which is a catalyst for innovations and provides benefits for both public and private organizations. Transport for London, for example, opened up its data to more than 600 apps, leading to a surge in innovation and helped save passengers PS130,000,000 by providing more precise timings of journeys.
However, overcoming the resistance to sharing data isn’t an easy task. It usually requires a significant shift in culture. Successful CDOs concentrate on changing the narrative away from fears such as exposing sensitive information to the costs of not sharing, which could be far greater.