When we hear the term shared understanding what comes to mind is that we see the same thing, that we share how we see a problem or solution. Here’s a great example from Agile Coach Jim Magers, Creating a Shared Understanding, that shows how hearing the perspectives of stakeholders from diverse disciplines can improve the understanding of stated requirements.

However, one thing that shared understanding doesn’t mean is that everyone agrees with the perspectives of others. What’s important in problem solving is that the decision maker now has a better understanding of the requirements to be satisfied - provided by including diverse perspectives. And what’s just as important to the organization is that the stakeholders are more connected and empathetic, with a deeper understanding of the world each other stakeholder works in. Connection is a step toward unified culture, and we know what culture eats for breakfast. See HBR article The Culture Factor.