Outmanoeuvre big brands with shared data | BCS
Summary
But, now that restrictions have eased and the economy is treading an uncertain path back towards greater normality, can start-ups remain competitive and continue to be sources of innovation? It takes time and skill to pick out what data is the most relevant and important to share with other parts of the supply chain and these tasks are often not as highly prioritised by start-ups as more directly profit-seeking ones. Data sharing between businesses and with consumers has a positive impact on trust within these relationships; however, this kind of transparency is difficult to achieve as it requires significantly changing people’s habits and connecting parties who have previously had little contact and communication with each other. Start-ups may be worried that sharing data with other parties makes them vulnerable to being taken advantage of, their ideas being stolen by other businesses, or their financial information or customer details getting into the wrong hands. The sharing of data is also important for guaranteeing quality assurance and global compliance - and to help reduce (and hopefully eliminate) any legal risks, especially in heavily regulated industries.