Listen to this articleEfficiency is increased due to the transparency of data in various fields. Some of how transparency can help to ensure maximum efficiency:
- The public can be provided with transparent information on government activities and their results, which can foster accountability and trust.
- A good amount of data is needed from Federal decision-makers for assessing whether federal programs can achieve the intended results. If decision models are transparent to identify the assumptions inherent in the model, data can also be identified and used transparently.
- Transparency is the provision of sufficiently detailed documentation for all the processes of producing official estimates. Ensuring all the broad definitions by all the accounted data that can be used to improve efficiency.
- Trust building with customers by the companies about the information that has been gathered by giving customers control of their data and offering fair value in return for it.
A healthy culture is not created with transparency only. Management of transparency is of the utmost importance in ways to prevent backfiring. The benefits of transparency can be reaped by the Managers to minimize the risks by doing the following things:-
- Emphasis on why transparency is necessary.
- Selective about the data to be shared.
- Clear on how data should be used
- Transparency about the data limitations.
To counteract such things managers need to identify the business goals to achieve, insights into what are trying to acquire, and how to improve the business.
Transparency is always the best thing to adopt as it exposes the wrongdoing of bad apples, the organization’s learning ability is improved and efficiency is also improved.
Product designing and services with transparency are of utmost importance. The customers provide appropriate value in exchange for data, educating them about how to collect and allowing customers to have good control over it.
Source: Data transparency, ncbi, MIT Data Intelligence, Harvard business review