Capitalizing on the data economy

Hidden within these major categories are consumer information, current market trends, and even future forecasts. For organizations, the goal is to make sense out of this ever-increasing volume and discover new ways to earn a steady profit from it, and to streamline efficient use of cloud services that help streamline and analyze data.

However, according to a survey of 255 business leaders and decision-makers conducted by MIT Technology Review Insights, 45% of those surveyed say that they use information to identify and make decisions. That is a missed opportunity.

“There is a huge explosion of data sources inside and outside the business,” says Channa Seneviratne, head of technical development and feedback at Telstra, an Australian telecommunication company. “Like telco, our customers, and what they produce, are very good things that we probably don’t use as well as we can.”

But that is changing as Telstra takes advantage of the current economic crisis. Data acquisition is a global digital way in which manufacturers and consumers of data – businesses and individuals – as well as government agencies and cities collect, process, and share data collected from a variety of sources. By connecting unconnected data to corporate boundaries, organizations are able to access rich business information, enter unspecified markets, assist citizens and consumers alike with data-driven products and services, and generate revenue from sharing with key clients and vendors.

The benefits of participating

So how can organizations get involved in the data economy? One way is to remove data storage that may prevent companies from collecting compelling information. Fortunately, more than one-third (35%) of respondents are helping each other to exchange data. This sharing of data assets enables organizations to release profits and achieve greater business results.

For example, 66% of data sharers experience good relationships with their partners and vendors. It is easy to see why. Data exchange with markets provides more stakeholders with a secure and reliable platform to collect and share information in real time.

More than half (53%) of business leaders say that participation in the data economy has led them to create new types of businesses. For example, using web-based monitoring tools, Telstra provides software that converts waste, water, air, soil, and noise data into possible information. Combining this with small-scale climate data collected from climate change, the company plans to provide Australian agricultural companies with information that can be applied to a wide range of issues, from crop health forecasting to pesticide use. “We are collecting remote bags for profit, information, and employment,” says Seneviratne. “We are now in a better position to make money and increase profits.”

Telstra is not alone. According to Kent Graziano, senior vice president at Snowflake, a cloud-based data provider in Bozeman, Montana, “As data growth grows, many organizations feel that their content may be useful to other organizations, whether within themselves. . ”

Graziano provides an example of a medical device manufacturer. Medical devices can track and gather important information on blood pressure, heart rate, and insulin levels. But many manufacturers take a small part in attracting and creating patient outcomes.

By partnering with health organizations and carefully integrating follow-up data with other patient and third party data, a medical device manufacturer can establish a new business model as a provider of health information and direct impact on patient health.

“Many organizations collect data and analyze data but it has not been technically and financially viable to try to make money,” says Graziano. By sharing data with those with major responsibilities through cloud platforms, such as data exchange or the market, businesses “can create a new way to earn money.”

Another economic benefit to data is rapid change, according to 52% of respondents. Traditional companies are facing unprecedented pressure from their digital counterparts to innovate and respond quickly to changing customer preferences and market trends. Using data from a variety of external sources, organizations are able to discover new ways to create, provide support, and solve global problems.

For example, credit card companies can work with medical organizations, mobile operators, and online players to leverage their integrated data to track covid-19 patients and provide them with care in ways that would not otherwise be possible. with siled data.

“In the digital economy, how does a 200-year-old business create something new?” asks Sunil Senan, vice president and chief business officer in data and analytics at Infosys, a digital and technology company, based in Bengaluru, India. “We see the data as a key component of continuing to serve customers and discover new ways to remain relevant in a world of chaos.”

In addition to creating new businesses and running new ones, more than half (51%) of those surveyed said that participation in the data economy could increase customer purchasing and retention rates – gaining new customers and keeping current ones – while 42% of respondents valued cash as a significant business benefit. .

Give the item full report.

This was created by Insights, a regular part of MIT Technology Review. Not written by MIT Technology Review authors.

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