For a long time business leaders have shied clear of sharing their data with other businesses. However, that skepticism is getting less as research shows that it’s possible to gain huge value for business by embracing the concept of sharing information.

One of the primary benefits is that it enables businesses to get a more complete understanding of market dynamics, allowing them to better plan and take advantage of opportunities while minimizing risk. Sharing live data with appropriate partners can help streamline processes and improve the utilization of resources. Consider a supply chain as an example: By pooling the data of all parties involved from marketers to suppliers, and manufacturers — companies can obtain a precise image of customer demand. They can then adjust inventory, pricing and other operational parameters.

Openly sharing pertinent business data improves transparency and creates the culture of collaboration vital for sustainable growth of businesses. It also promotes higher standards of data quality, which in turn, spurs innovations and provides benefits for both private and public organizations. For instance, Transport for London’s open data has allowed more than 600 apps onto the scene, securing passengers PS130 million by offering more precise journey times, and encouraging third-party innovation.

However, overcoming the resistance to sharing data isn’t easy and often requires a significant cultural shift. Successful CDOs concentrate on shifting the narrative away from fears that could be posed by sharing sensitive information to the costs of not sharing data, which could be much higher.

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