The debate surrounding whether businesses should share data is not merely an academic discussion but a pressing issue in today’s world. With the increasing complexities and challenges facing our communities and planet, the need for sharing knowledge and insights has become a moral imperative. In various industries such as energy, defense, transportation, and healthcare, the call for collaboration and data sharing is gaining momentum as companies recognize the importance of cooperation in addressing global crises and enhancing resilience.

Despite the growing understanding that sharing information can lead to better outcomes for both customers and companies, some sectors remain hesitant to embrace data sharing practices. The reluctance to adopt an open approach to sharing data can hinder progress and innovation, as seen in industries like healthcare, where outdated systems and limited collaboration exacerbate existing challenges. To truly drive change and progress, businesses must overcome their hesitancy and embrace a more cooperative mindset.

Growing understanding

The increasing demands on resources at personal, societal, and governmental levels highlight the critical need for efficient data sharing practices. For instance, in the utilities sector, the identification and support of vulnerable customers can be significantly enhanced through secure data sharing mechanisms. By sharing information across ecosystems, utilities companies can better assist during emergencies and provide tailored support to those in need.

In defense and aerospace industries, the challenges posed by geopolitical risks and supply chain disruptions underscore the necessity of collaborative efforts. The current shortfall in equipment funding and skill shortages necessitate a shift towards more innovative and cooperative approaches to address these complex issues effectively.

Technology-enabled cooperation has the potential to drive societal change and foster sustainability. By leveraging expertise from diverse sectors and organizations, new technologies and capabilities can be harnessed to create viable solutions. For example, the automotive industry is investing in data spaces to facilitate interoperable supply chains and enhance resilience and adaptability.

Exploring different models

Despite the availability of advanced technologies to address concerns around data sharing, there remains a reluctance to explore new models and approaches. This hesitancy is not just a missed opportunity but can also be seen as an immoral stance, considering the potential impact on climate resilience, social inequality, and technological advancement. Failure to act decisively in this regard represents a failure of leadership and a disservice to stakeholders.

Businesses must understand that embracing data sharing practices is not solely a moral obligation but also a commercial necessity. The reluctance to collaborate and share data can lead to bottlenecks, inefficiencies, and missed opportunities, ultimately hindering the growth and profitability of organizations. By recognizing the commercial benefits of data sharing and cooperation, businesses can position themselves strategically for success in a rapidly evolving landscape.