The Benefits of Sharing Business Data
For a long time the business world has steered away from sharing their information with anyone else. The skepticism is slowly beginning to fade as research has shown that it is possible to create enormous benefits for businesses by implementing a shared information strategy.
One of the major advantages is that it allows companies to gain a more complete view of market dynamics which allows them to better predict and maximize opportunities while minimizing risk. Sharing live data with the appropriate partners can help to streamline processes and optimize resource usage. Consider a supply chain By aggregating data from all parties involved from marketers to suppliers and manufacturers, companies will have a complete picture of demand from their customers. They can then modify pricing, inventory, and other operational parameters.
Sharing relevant business data openly boosts transparency and fosters collaboration, which is vital for sustainable growth. It also encourages higher standards of data quality, which in turn, spurs innovation and brings benefits to both private and public companies. Transport for London, for instance, has opened its data to more than 600 apps, leading to a surge in innovation and saved passengers PS130,000,000 with more precise timings of their journeys.
However, overcoming the resistance to sharing data isn’t an easy task. It usually requires a major cultural shift. CDOs who succeed in changing the narrative from perceived risks that include exposing sensitive data, to the costs associated with not sharing.