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UK businesses are not sharing data despite knowing the benefits

(Image credit: Image Credit: Flickr / janneke staaks)

A vast majority of businesses don’t share data, despite knowing the benefits such practice can bring.

This is according to a new report by the Open Data Institute and YouGov, which claims that just a quarter (27 per cent) of businesses – irrespective of their size, are sharing data. The report claims that sharing data drives innovation and creates efficiencies. Larger companies seem to understand this concept a bit better, as less than one in ten have no data strategy.

Among SMEs, on the other hand, four in ten (40 per cent) don’t have a data strategy.

While Finance and Accounting seems to be the sector that best understands the importance of data sharing (82 per cent have a strategy in place), Engineering and Design is the worst (36 per cent).

The report says there are three main benefits to sharing data among businesses: improved collaboration with stakeholders and partners, better service product delivery and legal compliance.

“UK companies are still lagging behind in realising the significant value of sharing data,” said Leigh Dodds, Director of Delivery at the ODI.

“Yet the respondents who have shared their data report the same range of benefits as our research into case studies and our report clearly demonstrate. It is therefore important that businesses are made aware of the advantages and incentivised to open or share the data they already collect in trustworthy ways.”