Since the beginning of time business leaders have resisted sharing their data. However, that skepticism is 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 benefits is that it enables companies to gain a more complete view of market dynamics which allows them to better anticipate and capitalize on opportunities while minimizing risk. By sharing live data with the right partners companies can also streamline their processes and improve utilization of resources. Consider 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 a more complete picture of the demand of customers and adjust prices as well as inventory and other operational parameters in line with.
Sharing pertinent business information openly bolsters transparency and fosters a culture of collaboration that’s essential for sustainable business growth. It also promotes a higher standard of data quality, which stimulates innovation and creates competitive advantages for both private and public organisations. For instance Transport for London’s open data allowed more than 600 apps onto the scene, saving passengers PS130 million with more precise journey timings and spurring third-party innovation.
But overcoming resistance to sharing data isn’t easy, and often requires a significant cultural shift. Successful CDOs focus on shifting the narrative www.ofboardroom.com/due-diligence-data-room-systems-are-able-to-restore-all-the-new-data-generated-by-their-clients/ away from the perceived risks — such as the risk of exposing sensitive information to the cost of not sharing data, which could be much higher.