New business models can be found by sharing data
The Data Economy Research Group supports companies of all sizes in the utilization of data, both technically and commercially. The goal is for the common good.
Data is everything that is digitally available. It can be, for example, information about products, sales and customers, weather information, sensor data or even music that is available online. In the data economy, data is exchanged, and on the basis of exchange, services and products are created that benefit both the original owner of the data and its further developers.
The data economy is very much on the agenda globally, and as a result, a data economy research group was established at Centria about a year ago. It is led by RDI Coordinator Leena Toivanen.
– Centria has a lot of technical expertise related to the data economy, and the research group has also been able to increase business expertise. The purpose of the research group is to help companies and public actors identify things in their own data resources that enable cooperation with other actors. The data obtained supports the company’s core business and potentially generates additional income for the company, Toivanen says.
The research group also aims to increase awareness of the data economy and its expertise and its opportunities at the European level. For example, the Data Economy Group will help in complying with and utilizing the EU’s data strategy.
– The biggest challenges in the data economy at the moment are in the operating culture and competence. The traditional way of thinking is that data is part of your business, and you want to hide it. In accordance with the principles of the data economy, data is shared fairly so that ownership is maintained. The data economy is usually a side income stream for companies, so a lack of time or other resources may be a challenge in producing it, Toivanen says.
Data ownership is changing from the owner of the device or machine to its user, who decides how to share it. This change opens new opportunities for even small operators.
Usually, data is created into a service or product when it is combined with some other data and the owner of the data, and its potential user are identified.
The data economy can be implemented either locally or throughout Europe using common technical solutions, operating methods and contract models. Different solutions can be found on the website of the datatalouskasvattamo.fi owned by Centria. It brings together Finnish successes as well as issues from a European perspective, as well as Centria’s own solutions. There is also a test environment where you can test the transfer of data to a potential customer in practice. The Data Capital project has also developed a data economy tool where companies can test the business potential of their own idea.
– It is worth boldly starting to experiment and think extensively about different opportunities and who could benefit from your own data. Or how you could develop your own business with the help of someone else’s data. Centria helps with technical and business issues. Experiments can be carried out and contacted with a low threshold. The common goal is to quickly find good practices so that new revenue streams can be created in our region based on data, Toivanen sums up.
The purpose of the growth programme for the data economy of the Ministry of Economic Affairs and Employment is to highlight the Finnish data economy and promote it to create functional data economy business in Finland. The growth programme has gathered pilot operators from different sectors, which will be monitored throughout the programme. Centria is one of the pilot operators through agricultural projects.
– I believe that the data economy will grow and its importance will increase. If local actors are able to identify business opportunities in their data and hold on to their own data, then the future may be positive in terms of the birth rate of data products and services. Now is the time for a change, and it is worth being awake, because the big players will find ways to own data in the future as well, says Toivanen.