The Benefits of Sharing Business Data

For decades business leaders have steered away from sharing their information with anyone else. But that skepticism is slowly becoming less shaky because research has shown that it is possible to gain huge business benefits by adopting a shared information approach.

One of the main advantages is that it allows businesses to get a more complete understanding of market dynamics that allows them to better predict and maximize opportunities while minimizing risk. By sharing live 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 partners involved in the process — from suppliers to manufacturers and marketing agencies companies can gain more comprehensive information about customer demand and adjust prices inventory, prices and other operational parameters accordingly.

Sharing pertinent business information openly enhances transparency and encourages an environment of collaboration which is crucial for sustainable business growth. It also promotes an improved standard of data quality, which encourages innovation and gives competitive advantages for both private and public organizations. Transport for London, for example, opened up its data to over 600 apps, leading to a surge in innovation and click for more saved passengers PS130,000,000 through more precise timings of journeys.

But overcoming resistance to data sharing isn’t easy and often requires a significant cultural shift. Successful CDOs concentrate on shifting the narrative away from the perceived risks that could be posed by sharing sensitive information to the cost of not sharing, which could be much higher.