For decades business leaders have shied away from sharing their data. But that skepticism slowly becoming less shaky as research suggests that it’s possible to achieve tremendous business benefits by adopting a shared information approach.

One of the key benefits is that it enables businesses to gain a more comprehensive view of market dynamics, allowing them to better predict and maximize opportunities while minimizing the risk. Sharing live data with appropriate partners can help streamline processes and improve resource utilization. Consider a supply chain: By pooling the data of all partners involved from marketers to suppliers, and manufacturers — companies can gain a clear picture of the demand from customers. They can then adjust pricing, inventory and other operational parameters.

Sharing relevant business data in a transparent manner enhances transparency and click here to investigate promotes collaboration, which is essential for sustainable growth. It also helps raise the bar of data quality which, in turn, spurs innovation and brings benefits to both private and public organizations. Transport for London, for example, opened up its data to over 600 apps, which led to a surge in innovation and saved passengers PS130,000,000 through more precise timings of journeys.

However, overcoming the resistance to data-sharing is not an easy task. It usually requires a significant shift in culture. 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 much greater.