How Data Economy Can Be Leveraged to Benefit Finnish Business Organizations
A data economy is a global digital ecosystem in which a network of participants collects, analyzes, and exchanges data with the goal of generating value from the accumulated information. In a data economy, data is conceptualized as a tradeable asset which can be shared across intercompany ecosystems to generate economic benefits.
In the era of 5G and the Internet of Things (IoT), digital transformation advancements are reshaping how and where goods and services are produced and distributed. According to estimates, the world may produce more data in the upcoming three years than it did in the previous thirty.
Frost and Sullivan has conducted research on behalf of Business Finland on this emerging market which has uncovered that:
- Data, as a product within Data Economy, has the potential to disrupt traditional industry verticals as well as create new industry verticals such as FoodTech, AgriTech, HealthTech etc.
- Emerging technologies such as Web 3.0, Augmented Analytics, Contextual IoT and AI for Privacy & Ethics are expected to create novel use cases for data economy and lead to innovative services.
- Data economy can create a data-led disruption across several use cases such as cross-border convergence, data companies transitioning from competitors to collaborators, shifting focus from products to solutions and so on.
- Several business models exist within the data economy: Simple data exchange, Collaboration-based, Data Marketplace, Value Chain Partnership, Open Data and Symbiotic Model, to name a few.
- Data economy presents unique use cases and value propositions across several industry verticals such as Agriculture, Government, Retail, Food Processing, Manufacturing, Utilities, BFSI, Retail etc. The value of data economy for these industry verticals can be explored through understanding demonstrated success via unique case studies.
- An efficient policy framework, across the levers of Capital, Collaboration and Compliance, is necessary for an equitable access to data economy.
- Data economy can benefit Finnish SMEs by addressing challenges faced with respect to data culture, digitalization, awareness & digital skills, industry partnerships, privacy, and security.
The report provides an overview of key stakeholders, value chain segments, regulation and privacy laws, business models, industry use cases and case studies.
Join us to learn more on data economy; how data can be used to build new capabilities, leveraging technology for data enablement, and how businesses can navigate the changing landscape of data opportunity. This presentation will provide valuable insight to help you extend your growth opportunities.
The event is organized by the new Data Economy Program.