For decades, business leaders have steered clear of sharing their data with other businesses. The skepticism is slowly beginning to diminish as research shows it is possible to generate tremendous value for business by adopting a shared information strategy.
One of its key benefits is the ability to get an entire view of market dynamics. This allows businesses to better anticipate, leverage and manage risks while maximizing opportunities. By sharing live data with the right partners companies can also streamline their processes and improve utilization of resources. Think about a supply chain: By pooling the data of all parties involved from suppliers to marketers and manufacturers — companies can gain a clear picture of the demand from customers. They can then modify pricing, inventory, and other operational parameters.
Sharing relevant business data openly increases transparency and encourages collaboration, which is vital for sustainable growth. It also encourages the highest standards of data quality, which generates innovation and provides competitive advantages for both www.ofboardroom.com/board-of-directors-vs-board-of-management/ public and private organizations. For example Transport for London’s open data allowed more than 600 apps onto the scene, saving passengers PS130 million by providing more precise journey times and encouraging third-party innovation.
But overcoming the resistance to sharing data isn’t an easy task. It usually requires a major cultural shift. 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 higher.