For a long time, business leaders have steered away from sharing their information with others. But that skepticism is slowly starting to wane as studies show that it’s possible to gain huge business benefits by adopting the idea of sharing information.
One of the main benefits is the ability to get an all-encompassing view of market’s dynamics. This allows companies to better identify, leverage and reduce risks while maximizing opportunities. By sharing live board of managers vs board of directors data with the right partners businesses can also streamline processes and maximize resource utilization. Consider a supply chain for instance. By pooling the data of all parties involved in the process — from suppliers to manufacturers and marketing agencies — companies can get an accurate picture of the demand of customers and adjust pricing, inventory and other operational parameters accordingly.
Sharing relevant business data in a transparent manner improves transparency and creates an environment of collaboration which is crucial for sustainable business growth. It also encourages the highest standards of data quality, which in turn encourages innovation and gives competitive advantages for both public and private organisations. Transport for London, for instance, has opened its data to over 600 apps, leading to an increase in innovation and saved passengers PS130,000,000 through more precise timings of journeys.
However, overcoming the opposition to data-sharing is not an easy task. It usually requires a significant change in the culture. CDOs who are successful shift the narrative away from fears including sharing sensitive data, to the costs associated with not sharing.