Why wouldn’t you share data?

Data differs from traditional assets, such as oil or capital, in that it is not restricted to a single owner or user. One of the most unique aspects of data as an asset is that it can be shared among multiple individuals, organisations, and business units without losing its value.

In contrast to other assets, one organisation’s possession and analysis of a particular dataset does not prevent other organisations from possessing and analysing the same dataset.

Despite the benefits of sharing data, the lack of data sharing culture is one of the four challenges identified in our market research.

Why isn’t the data shared openly within the industry?

First of all, people have not properly thought about it. Organisations could benefit from openly shared data, especially as an opportunity to learn. However, there is a clear need to develop the industry mindset related to data before open and efficient data sharing could truly rise to the next level.

38 % of the respondents agree that data should be shared openly

Secondly, there is a fear of sharing. Data can also be strictly confidential, especially if it is considered as a competitive advantage for the owner of the data and is related to the core business. However, the mindset of sharing data could evolve if companies could receive something in return. In addition, the possibility to sell data could be tempting.

Another barrier to fully utilising data is that data ownership is not always clear. According to respondents in our market study, everyone wants to have ownership, as data has the potential to be monetised. Conversely, others said it is important for the data to be transparent and shared throughout the process.

Another challenge related to data sharing is the lack of a common data repository. How could data be shared between different actors, if within individual organisations there are already problems with too many software that don’t exchange information between each other? Data management practices need to be changed in a way that ensures that data is understandable, reliable, and accessible.

In a transformed industry, companies will not store data thinking that it can be used in the future, but clearly understand its use benefits and how it can be exchanged. This will allow the use of common data repositories or digital platforms, where different stakeholders can easily and seamlessly access the data they need when necessary, and be confident about its content.

A genuine data sharing culture can emerge, where stakeholders can openly share or exchange data, enabling the creation of new insights, knowledge, and services, benefitting the industry and ecosystem as a whole.

Read more about the challenges and solutions in utilising data’s full potential in our 2023 Market Research – download the report: