Data Transparency Strategy: the case for it and the benefits to business

Data transparency

Open data strategy has been a growing movement in recent years. Although many firms have adopted this strategy, there is still yet increasing demand for transparency.

Data transparency is most commonly associated as an expectation on a government, especially relating to the information they hold on citizens, policies, spending and other matters. The reasoning for making data freely available to all is so authorities become more responsible and customers can build trust and make an educated judgement. However, firms are also being encouraged to upsurge the transparency of their processes, strategy and income for similar reasons.

With the correct data transparency approach, any firm can profit from the data shared freely by other companies and government bodies.

 

 

Data Drives Innovation

If data transparency means more freely available information and knowledge, it should rationally follow that this knowledge can increase business innovation. Firms can learn from one another and use these lessons to overcome market issues, improve products and advance their business processes.

This benefit is one of the drivers behind the UK governments own open data activities. Which produces prospects for enterprise, increase innovation in the digital economy, create higher demand for new apps and services and help data-driven firms to grow.

With the advent of the Internet and big data, business leaders are starting to change their strategies to complete transparency. Companies that have become more transparent have seen a boost in morale.

Unsurprisingly, many market leaders are now looking for simple ways to increase data transparency in their establishments. One of the most effective approaches is applying business dashboards. A dashboard displaying key metrics and data as an overview of the business, without bias, allows employees to see areas that are performing well and areas that need enhancements.

 

 

Data Transparency and Employees

For businesses to reach their goals, all team members need to be on board. To do this, everyone needs access to their Key Performance Indicators to see what works and what does not in real-time. Access allows everyone to be knowledgeable and make better, faster decisions.

When team members feel more knowledgeable and involved, studies suggest they put increased effort into work and deliver more productive results. As employees begin to comprehend their transparent business target metrics, they can produce better ideas, test solutions, and solve matters together throughout their departments and the whole firm. More importantly, data transparency encourages open communication as everybody has access to the same information.

 

 

Data Transparency and Customers

As data volumes explode, consumers have become progressively worried about privacy and are hesitant to trust their data to just anyone. At the same time, they’ve also come to expect highly tailored brand interactions, for which some data is vital. Most customers would share their data in exchange for a more intuitive and personalised user experience.

Consumer willingness to share data presents a unique opportunity for marketers to balance people’s right to privacy with the necessity to capture data to deliver that personalised experience. The solution lies in marketers becoming more transparent with their reasoning for data collection and increasing the value gained for consumers in that exchange.

 

Data Transparency and Sonas

At Sonas, we understand that data is the new oil. Technology advancements have led to a readily available abundance of data. As this is a relatively new movement, organisations fail to grip the power that data has. Data is the key to transparency.

Sonas’ streamlined reconciliation process documents all data and evidence, then translates this data into valuable readable information. Combined with cloud technology, this data is available in real-time and can be accessed immediately from any device with connectivity. Previously, this data would have been disjointed in the filing cabinets on numerous departments and perhaps not collected at all.

Sonas’ solution provides complete transparency of device reconciliation. No more are decisions made in the dark. Data-driven decision making allows you to maximise business performance and readily meet the growing demands of consumers to become a transparent and ethical organisation.