For decades business leaders have been hesitant about sharing their data. But that skepticism is slowly beginning to fade as studies show that it’s possible to achieve tremendous business benefits by adopting the concept of sharing information.
One of the main benefits is that it enables companies to gain a more holistic view of market dynamics which allows them to better plan and take advantage of opportunities while mitigating risks. Sharing live data with the appropriate partners can help streamline processes and improve resource utilization. Take a supply chain, for instance. By pooling the data of all the partners involved in the processfrom manufacturers to suppliers and marketing agencies — companies can get an overall picture of the demand of customers and adjust pricing, inventory and other operational parameters accordingly.
Sharing relevant business data openly improves transparency and encourages collaboration, which is essential why not try here for sustainable growth. It also helps to ensure the highest standards of data quality, which stimulates innovation and creates competitive advantages for both private and public organisations. Transport for London, for instance, has opened its data to over 600 apps, which led to a flurry of 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 change in the culture. Successful CDOs concentrate on changing the narrative away from fears such as exposing sensitive information to the cost of not sharing, which could be much greater.