The Benefits of Sharing Business Data

For decades business leaders have been hesitant about sharing their data. This suspicion www.ofboardroom.com/donor-advised-funds-vs-private-foundations/ has slowly begun to diminish as research shows it is possible to generate enormous benefits for businesses by adopting a shared information strategy.

One of the key advantages is the ability to gain an overall view of market dynamics. This allows companies to better identify, leverage and reduce risks while making the most of opportunities. By sharing live data with the right partners, companies can also streamline processes and optimize resource utilization. Take a supply chain, for instance. By pooling the data of all the partners involved in the processfrom manufacturers to suppliers and marketing agencies — companies can get a more complete picture of customer demand and adjust prices inventory, prices and other operational parameters in line with.

Sharing relevant business data in a transparent manner enhances transparency and promotes collaboration, which is vital for sustainable growth. It also helps promote higher standards for data quality, which drives innovation and creates competitive advantages for both public and private companies. For instance, Transport for London’s open data has allowed more than 600 apps onto the scene, securing passengers PS130 million with more precise journey times and encouraging third-party innovation.

But overcoming the resistance to sharing data isn’t an easy task. It often requires a significant shift in culture. Successful CDOs concentrate on shifting the narrative away from the perceived risks — like exposing sensitive information to the costs of not sharing, which could be much greater.