Since the beginning of time business leaders have shied away from sharing their data. This suspicion has slowly begun to fade as studies show it is possible to gain immense value for your business by implementing a shared information strategy.

One of the key advantages is that it allows companies to gain a more complete view of market dynamics and enables them to better predict and maximize opportunities while minimizing risk. Sharing live data with appropriate partners can help to streamline processes and optimize resource usage. Consider a supply chain for instance: By combining the data of all the partners involved in the process -- from suppliers to manufacturers and marketing agencies -- companies can gain more comprehensive information about customer demand and adjust prices, inventory and other operational parameters accordingly.

Sharing relevant business data openly improves transparency and creates the culture of collaboration crucial for sustainable business growth. It also helps to ensure higher standards for data quality, which drives innovation and creates competitive advantages for both private and public organisations. For instance Transport for London's open-data platform http://ofboardroom.com allowed more than 600 apps to come onto the scene, securing passengers PS130 million through more accurate journey timings and spurring third-party innovation.

However, overcoming the opposition to sharing data isn't an easy task. It often requires a major cultural shift. CDOs who are successful shift the narrative from perceived risks, such as exposing sensitive information, to the costs associated with not sharing.