Democratization of Data

Why do companies not share key data / information with their management team members? Why is it that basic information about their own company is often kept under wraps from the functional managers? Why is it that only a handful (actually maybe only the CEO and CFO) have a full view of the overall performance of their companies?

In many of our consulting related presentations, we often quote findings of a global survey that states that only 10% of managers understand their own company’s strategy. Over the years, I have remained hopeful that should a survey be done now (especially in the digitized world), this figure would be significantly higher. However, more the clients we interact with, more I am getting convinced about how idealistic my hopes are and hence their audaciousness!

It is often said that knowledge is power. But I personally feel this is passé now. If I can google or wiki, so can anybody else. I think wisdom has taken the place of knowledge now in that adage. As such, leaders who thought that sharing key data / knowledge about their companies with their senior management colleagues would mean losing their own importance or significance in the scheme of things, my guess is - that will happen to them in any case if they continue like this! I always believe that there exists tremendous knowledge and expertise in any company about their own company as well as the relevant industry / sector that company operates in. However, most often, this knowledge and expertise remains ‘silo’ed. Mainly because there is no culture or forum for this knowledge to get shared and most importantly put to good use for the company. Companies most often do not realize the cost of this non-leveraging.

I strongly believe there is a dire need for companies to freely share key data / information / MIS among their senior most management personnel, without worrying too much about confidentiality and secrecy. In any case, if you officially do not, it will anyway leak out and become the best kept secret in the world, along with people’s salaries. Econtra, the effect this will have on people’s morale, sense of belonging, engagement, pride and most importantly empowerment will be phenomenal. Companies can only gain from all this, as people’s private horizons expand.

Democratization of data, thus is the essence.