The Benefits of Sharing Business Data

For a long time the business world has steered away from sharing their data with anyone else. The skepticism is slowly beginning to fade as studies show it is possible to generate immense value for your business by adopting a shared-information strategy.

One of the major benefits is the ability to get an all-encompassing view of market dynamics. This allows companies to better anticipate, leverage and manage risks while maximizing opportunities. Sharing live data with the appropriate partners can help streamline processes and improve the utilization of resources. Consider a supply chain By aggregating data from all of the partners involved — from marketers to suppliers, and manufacturers — companies can obtain a precise picture of customer demand. They can then modify pricing, inventory, and other operational parameters.

Sharing relevant business data openly enhances transparency and promotes collaboration, which is essential for sustainable growth. It also helps promote higher standards for data quality, which drives innovation and creates competitive advantages for both public and private organizations. For example Transport for London’s open-data platform allowed over 600 apps to burst onto the scene, saving passengers PS130 million by providing more precise travel times and promoting third-party innovation.

However, overcoming the resistance to data-sharing is not an easy task. It usually requires a significant change in the culture. Successful CDOs focus on shifting the narrative away from perceived risks — like exposing sensitive information to the costs of not sharing, which could be a lot more costly.

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