Importance of sharing information in very short time between depts.

In big organizations which has many different departments that complement each other in different disciplines. For example project department for project execution, finance for cash flow and budgeting, O&M for operation and maintenance all for the same purpose and so on (these are only examples don't use specific dept. this is general)
Discuss the importance of sharing information in very short time between depts. How does is contribute to over all organization performance and outcomes? does is increase visibility and transparency? procedure improvement ? other added values?