Danger from the depths.
If you don't produce your own data stream, someone else will eventually. Meta, Google, Amazon and countless start-ups and scale-ups are on the hunt. The prey: the next customer, the next price, the next product. The hunting ground: everything that works better with data than without. Finance, insurance, food, retail, entertainment, the list goes on and on. Even if certain industries seem to be safe, it's worth taking a look at the unknown regions of your waters. Maybe there is a great white shark from below in attack mode right now - and if not, why not slip into the role of the attacker yourself and shake up your market with new approaches? Here are a few little appetizers.
How data hungry are you already?
With three data building blocks and a 2-step process, the transformation to a data-driven business is successful. Data building block No. 1: Public data. There are 25 million public data sources you can tap into. These include weather data, demographics and more. Data building block No. 2: Proprietary data. This is obtained using hardware and software in your own business operations. Data building block No. 3: Partner data, i.e. data from partner companies. With these three data building blocks, you design the following step-by-step process. Stage 1: Collect data (seriously, ethically, legally). Stage 2: Evaluate data and use it to create value. In the next section, we have prepared one of our use cases for you in a bite-sized format.
Usecase: Retail chain for pet supplies
A well-known retail chain in the pet supplies sector is cooperating with an IoT solution provider in the field of data tracking. The IoT solution provider has developed a dog tracker that enables dog owners to locate their own dog at any time via smartphone. Since the dog's movement data can also be recorded in this way, the following data upscale results:
Public-Data: Where is the dog moved? What is the residential area? What conclusions can be drawn about the dog owner's income situation and other demographic data?
Proprietary-Data: How often is the dog moved? What breed is the dog? What weight? Etc.
Partner-Data (from the insurance company): What claims have already been made in relation to this dog? How many times was the veterinarian consulted? Etc.
The whole set of data can be used for different purposes. Risk profiles in the insurance company, cross-selling in the retail chain, and much more. What should be emphasized here is that the new opportunities for value creation come from partnering with a data-oriented company. This means that the company does not necessarily have to build up its own resources.
Gigantic, data-driven ecosystems and markets are emerging all around us. Those who master the topic of data will be able to play along successfully.
Many people still have no idea how crucial the topic of data already is today and how drastically this will increase in the near future. The following example can be used to put this into concrete terms: Worldwide, several hundred cities are working on digital twins. The entire city planning and administration will be transferred to the digital world and based on gigantic amounts of data. Today, flying drones equipped with laser scanners are already being used to analyze and digitize the surfaces of metropolises. Combined with sophisticated building information modeling (BIM) solutions and real-time data collection, the complete control and planning of a city is being transferred to the digital world. At the click of a mouse, a building's power consumption can be displayed, traffic and pedestrian flows can be mapped in real time, and infrastructures can be planned and monitored.
A second example that will interact with the aforementioned: Automaker TESLA, already valued at 1 trillion today, is officially considered an automotive company, but it is primarily a software and data company whose value is largely based on AI and data from its vehicles. The vehicles are driving robots and hardware tracking devices in one. The systems of e-mobility providers like TESLA, will interact with digital smart cities and together create gigantic data-driven ecosystems and markets.
The two examples listed are just two of many. The bottom line is that the near future is not only digital, but above all, data-driven. And any company that wants to be a successful player in this world that is just unfolding must be competent in the topic of data. Otherwise, there is a very real danger of being left behind by data-driven competitors.
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