Since the beginning of time business leaders have resisted sharing their information. The skepticism is slowly beginning to fade as studies show it www.ofboardroom.com/donor-advised-funds-vs-private-foundations/ is possible to achieve huge benefits for businesses by implementing a shared information strategy.
One of the key advantages is the ability to gain an overall view of market’s dynamic. This allows businesses to better anticipate, leverage and mitigate risks while making the most of opportunities. Sharing live data with the appropriate partners can streamline processes and improve resource utilization. Consider a supply chain for instance. By pooling the data of all partners involved in the process — from suppliers to manufacturers and marketing agencies companies can get more comprehensive information about the demand of customers and adjust pricing inventory, pricing, and other operational parameters accordingly.
Sharing relevant business data openly improves transparency and creates a culture of collaboration that’s crucial for sustainable business growth. It also encourages an improved standard of data quality, which generates innovation and provides competitive advantages for both private and public organisations. Transport for London, for instance, has opened 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.
But overcoming resistance to sharing data isn’t easy and it often requires a significant cultural shift. Successful CDOs concentrate on changing the narrative away from fears such as exposing sensitive information to the costs of not sharing data, which could be much greater.