For a long time, business leaders have avoided sharing their data. But that skepticism is slowly becoming less shaky because research has shown that it is possible to create huge business benefits by adopting an approach to sharing information.

One of the key advantages is the ability to get an all-encompassing view of market’s dynamics. This allows companies to better anticipate, leverage and manage risks while maximizing opportunities. By sharing live data with the right partners, companies can also streamline their processes and maximize resource utilization. Consider a supply chain as an example: By pooling the data of all the parties involved — from marketers to suppliers and manufacturers — companies can obtain a precise picture of demand from their customers. They can then adjust pricing, inventory and other operational parameters.

Openly sharing pertinent business data increases transparency and helps create an environment of collaboration that’s vital for sustainable growth of businesses. It also encourages higher standards of data quality which, in turn, spurs innovation and brings benefits to both private and public organizations. Transport for London, for instance, has opened its data to over 600 apps, which led to a flurry of innovation and saved passengers PS130,000,000 thanks to more precise timings for journeys.

But overcoming resistance to data sharing isn’t easy, and it often requires a significant cultural shift. CDOs who succeed in changing the narrative from perceived risks like exposing sensitive data, to the risks associated with www.ofboardroom.com/nonprofit-board-roles-and-responsibilities/ not sharing.