For a long time, business leaders have steered away from sharing their data with other businesses. The skepticism is slowly beginning to diminish as research shows that it is possible to create enormous benefits for businesses by implementing secure and automated due diligence a shared information strategy.
One of the main benefits is that it enables companies to gain a complete understanding of market dynamics, allowing them to better anticipate and leverage opportunities while minimizing risks. By sharing live data with the right partners companies can also streamline processes and maximize utilization of resources. Consider a supply chain: By pooling data from all parties involved — from marketers to suppliers and manufacturers, companies can obtain a precise picture of customer demand. They can then adjust inventory, pricing and other operational parameters.
Sharing relevant business data openly increases transparency and encourages collaboration, which is essential for sustainable growth. It also encourages higher standards of data quality which, is a catalyst for innovation and brings benefits to both private and public organizations. For example, Transport for London’s open data allowed more than 600 apps to come onto the scene, securing passengers PS130 million by offering more precise journey timings and spurring third-party innovation.
But overcoming the resistance to data-sharing is not an easy task. It often requires a major cultural shift. Successful CDOs concentrate on shifting the narrative away from fears that could be posed by sharing sensitive information to the cost of not sharing, which could be much higher.