For a long time, business leaders have avoided sharing their data. But that skepticism slowly getting less because research has shown that it is possible to achieve tremendous business benefits by adopting the concept of sharing information.

One of the main advantages is that it allows businesses to get a more holistic view of market dynamics that allows them to better plan and take advantage of opportunities while mitigating risks. Sharing live data with appropriate partners can streamline processes and improve the utilization of resources. Think about a supply chain: By pooling the data of all the parties involved — from marketers to suppliers, and manufacturers — companies can gain a clear picture of the demand from customers. They can then alter pricing, inventory and other operational parameters.

Sharing pertinent business information openly enhances transparency and encourages the culture of collaboration crucial for sustainable business growth. It also helps promote higher standards for data quality, which encourages innovation and gives competitive advantages for both public and private companies. Transport for London, for example, opened up its data to over 600 apps, leading to a flurry of innovation and saved passengers PS130,000,000 through more precise timings for journeys.

However, overcoming the resistance to data-sharing is not an easy task. It usually requires a significant shift in culture. CDOs who are successful shift the narrative away from fears including exposing sensitive data, to the costs associated with not sharing.

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