Internal data monetization opportunities for an industrial company undergoing digital transformation
Laplaza Osta, Irene (2021)
Diplomityö
2021
School of Engineering Science, Tuotantotalous
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi-fe2021070240844
https://urn.fi/URN:NBN:fi-fe2021070240844
Tiivistelmä
The speed, the variety, but above all the volume of data has grown exponentially in the last decade. This giant wave of information is known as Big Data. Together with the emergence of new technologies, it has implied a total disruption in many industries and ways of handling data, giving rise to numerous opportunities and new business models. One of the practices that has become more powerful is the use of corporate data as a source of income. The challenge is that, although many companies are aware of the benefits that this activity entails, they lack the knowledge and/or tools to make the most of it in their business decisions. This report provides an opportunity to learn, research, and analyze the concept of internal data monetization, besides discovering and recognizing the value of information, and identifying the opportunities that this data can generate.
To meet all these goals, a detailed investigation of both the theoretical framework and the empirical part has been carried out. The last one has been developed in collaboration with a Finnish industrial company. The methodology was based on interviews both with its different departments, aiming to collect the available internal information, as well as with potential clients, who were essential to validate the monetization opportunities found. Carrying out empirical analysis in a real organization has improved the veracity and accuracy of the results.
Introducing data monetization into the core activities of a traditional company implies changes not only at a technical but also at an organizational and cultural level. Moreover, the fact that this process involves internal data, something that legally belongs to a company, makes it challenging for department heads to consider monetization as a primary project. This drastically impacts the demand for data offerings. The results show the importance of integrating technology and innovation into business processes and activities, as well as leveraging data as a key business resource to be able to develop data monetization projects. Overall, the results of this study leave a wide scenario for future research, showing how the analyzed organization could thrive if its internal data was commercialized.
To meet all these goals, a detailed investigation of both the theoretical framework and the empirical part has been carried out. The last one has been developed in collaboration with a Finnish industrial company. The methodology was based on interviews both with its different departments, aiming to collect the available internal information, as well as with potential clients, who were essential to validate the monetization opportunities found. Carrying out empirical analysis in a real organization has improved the veracity and accuracy of the results.
Introducing data monetization into the core activities of a traditional company implies changes not only at a technical but also at an organizational and cultural level. Moreover, the fact that this process involves internal data, something that legally belongs to a company, makes it challenging for department heads to consider monetization as a primary project. This drastically impacts the demand for data offerings. The results show the importance of integrating technology and innovation into business processes and activities, as well as leveraging data as a key business resource to be able to develop data monetization projects. Overall, the results of this study leave a wide scenario for future research, showing how the analyzed organization could thrive if its internal data was commercialized.