A few weeks ago, Mika Toikka, Vice President, Sales and Business Development, reminded us in our blog how big data provides a multitude of answers, but you also need to remember to consider your questions carefully. Research Manager Katri Valkokari continues on the same subject, presenting different business benefits big data could offer.
Data is the new oil, and the possibilities of data economy are limitless. However, to seize the opportunities you must be able to identify the data that is essential for your business operations from among the data available via various sources (e.g. IoT data, customer/CRM data, service log data, data from public sources). In addition, you need understanding of the validity of data and the possibilities of analysing it from the perspective of both the company’s internal and the customer’s development needs.
Even more important for finding new opportunities is asking the right questions, asking why and what kind of data or information you need, what you are aiming at with the data and where can you acquire the data you need. You should also boldly consider what you do not yet know, and thus identify which data you are still missing and what kind of new data sources could be used.
To find new business opportunities you rather need to combine several different data sources than more of similar data or deeper analysis of the existing one. In other words, you should consider wide data in addition to big data. In Figure 1, the process of use of data summarises the main phases that explain why data is needed (understanding the current state and forecasting the future trends), and how and for what it is used (choices and decision-making).
When the strategic goal for use of data is to identify new business opportunities, the viewpoints for questions and answers presented in Figure 1 include the following:
- Increasing customer understanding and finding leads
- Identifying potential customers and markets
- Forecasting trends within the sector and collecting competitor information, as well as forecasting the future customer needs
- The benefits provided by use of various data sources for the identification of new innovations or business opportunities
- Development of the processes for use of internal data