Technological and business changes as a result of digital transformation are introduced in new business models. Available data has become the core of interactions in digital business due to its unlimited amount. The digital world has shaped a culture of interaction based on data, and digital transformation leaders are expected to create innovative products and services, as well as increase data readiness to create and share information and deliver seamless services. Open data, as a subset of all data considered, is still a relatively unexploited area, as shown by the analysis of relevant research. The role of governments and organizations is crucial in creating open data as well as using and implementing it and gaining benefits. This paper will define open data and analyse its characteristics. Based on that insights, a process model of enabling open data paradigm will be presented and some recommendations for its use in business improvement initiatives will be given.