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New business from big data

Helena Kortelainen from VTT and Kari Koskinen from Tampere University of Technology discuss the new opportunities related to digitalization and exploitation of data: 

First project workshop

SmartAdvantage project organised its first workshop in November 2016. The workshop concentrated on sharing information about the objectives of the company cases and utilisation of knowledge from relevant previous projects. In addition, the workshop discussed the following themes:20161122_105447.jpg

  • Enablers and barriers for digitalisation
  • Data management, collection and treatment of data
  • Services and business models

Key enabling factors for digitalisation identified in the workshop were e.g. partnerships, rapid experiments, internal communication, training, and marketing. Digitalisation opens new opportunities for internationalisation and developing new types of services. Knowledge-based services can be developed to minimize downtime, optimising value chains, measuring lead-times and analysing bottlenecks.

Data availability is usually not a problem. Large amounts of data are collected, but many times only a fraction of the data is utilised. Data analytics is an area where more know-how and competences would be needed.

Digitalisation enables development of new business models. It is important to develop the business model so that the value proposition is clear and describes the added value for the customers. Revenue models need to be well specified and proper KPIs to indicate the benefits need to be developed. Development of new digital services signifies that customer needs should be well understood. Delivery of new type of services usually requires partnerships. Development of these partnerships is important part of the business model development.