The Benefits of Sharing Business Data
For a long time business leaders have shied away from sharing their data with anyone else. But that skepticism slowly starting to wane as studies show that it’s possible to gain huge value for business by embracing an approach to sharing information.
One of its key benefits is the ability to get an entire view of market’s dynamics. This allows companies to better predict, leverage and minimize risks while maximising opportunities. By sharing live data with the right partners companies can also streamline processes and improve utilization of http://ofboardroom.com/nonprofit-board-roles-and-responsibilities resources. Consider a supply chain: By aggregating data from all the parties involved from marketers to suppliers and manufacturers, companies can obtain a precise picture of demand from their customers. They can then adjust pricing, inventory and other operational parameters.
Sharing relevant business data in a transparent manner increases transparency and helps create the culture of collaboration essential for sustainable business growth. It also promotes higher standards of data quality, which is a catalyst for innovations and provides benefits for both private and public entities. For example, Transport for London’s open data has allowed more than 600 apps to come onto the scene, securing passengers PS130 million through more accurate journey timings and spurring third-party innovation.
However, overcoming resistance to data sharing isn’t easy, and it often requires a significant cultural shift. CDOs who succeed in changing the narrative away from perceived risks, such as exposing sensitive data, to the costs associated with not sharing.