For decades, business leaders have steered away from sharing their data with anyone else. The skepticism is slowly beginning to diminish as research shows it is possible to generate enormous benefits for businesses through a shared data strategy.
One of the key advantages is the ability to get a holistic view of the market dynamics. This allows businesses to better predict, leverage and minimize risks while maximising opportunities. Sharing live data with appropriate partners can help streamline processes and improve the utilization of resources. Consider a supply chain By aggregating data from all of the partners involved — from marketers to suppliers and manufacturers — companies can gain a clear image of customer demand. They can then alter pricing, inventory and other operational parameters.
Sharing relevant business data in a transparent manner increases transparency and helps create an environment of collaboration that’s vital to sustain business growth. It also encourages higher standards for data quality, which in turn encourages innovation and gives competitive advantages for both private and public organizations. For example Transport for London’s open data allowed over 600 apps to burst onto the scene, securing passengers PS130 million by offering more precise journey times, and encouraging third-party innovation.
However, overcoming the opposition to sharing data isn’t an easy task. It often requires a major cultural shift. Successful CDOs concentrate on shifting the narrative away from the perceived risks that could be posed by sharing sensitive information to the costs of not sharing data, which could be a lot more costly.