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 gain enormous benefits for businesses through a shared data strategy.
One of the main benefits is that it enables companies to gain a complete view of market dynamics, allowing them to better predict and maximize opportunities while minimizing the risk. By sharing live data with the right partners, companies can also streamline processes and maximize utilization of resources. Consider a supply chain as an example: By pooling data from all the parties involved from marketers to suppliers and manufacturers, companies can get an accurate picture of demand from their customers. They can then adjust pricing, inventory and other operational parameters.
Openly sharing relevant http://ofboardroom.com/board-of-directors-vs-board-of-management business data improves transparency and encourages collaboration, which is essential for sustainable growth. It also helps raise the bar of data quality, which results in innovations and provides benefits for both private and public entities. Transport for London, for example, opened up its data to more than 600 apps, leading to a rise in innovation and saved passengers PS130,000,000 with more precise timings of their journeys.
But overcoming resistance to sharing data isn’t an easy task, and it often requires a significant cultural shift. CDOs who are successful shift the narrative away from fears, such as exposing sensitive data, to the cost associated with not sharing.