For decades business leaders have shied away from sharing their information with other companies. The suspicion has slowly begun to fade as studies show that it is possible to create tremendous value for business by adopting a shared-information strategy.

One of the primary benefits is that it enables businesses to get a more complete understanding of market dynamics, allowing 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 maximize resource utilization. Take a supply chain, for instance: By combining the data of all the partners involved in the process — from suppliers to manufacturers and marketing agencies — companies can get more comprehensive information about customer demand and adjust pricing inventory, prices and other operational parameters in line with.

Sharing relevant business data openly increases transparency and encourages collaboration, which is necessary for sustainable growth. It also why not try here helps raise the bar of data quality, which is a catalyst for innovation and benefits both public and private organizations. Transport for London, for instance, has opened its data to more than 600 apps, which led to a rise in innovation and saved passengers PS130,000,000 with more precise timings for journeys.

But overcoming resistance to sharing data isn’t easy, and it often requires a major cultural shift. CDOs who are successful in shifting the narrative from perceived risks that include sharing sensitive data, to the risks associated with not sharing.

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