Project Objective
Discuss About The Sourcing Strategies Internal Organizational.
Open Data is information that is accessible to one and all. Everyone has access to the data, the ability to use and share that data as per requirement. Data that is considered ‘open’, must be present in a format accessible with licensing that permits all to have access to it and the power to utilize or share it. Various companies across the globe are using the open data to their advantage for creative innovation and services that quench the dearth that is pertaining. The income generated is noteworthy and brings along with it not only economic, but also social and environmental benefits (Jetzek, et al., 2014).
The utility and usage of open data is not restricted to the newer and freelancing companies or the domain of start-ups. As a matter of fact, more than one-third of the companies that have been known to incorporate and utilize open data are over a decade old. Majority of the open data utility is found to be in the information and communication sector, management if seen into the participation of industries, it covers everything from research to agriculture under its domain (Davies and Perini, 2016). With ‘Open innovations’ the boundaries between companies and their ecosystems will begin to diminish and practically become non-existent after a stipulated span of time. Thus, the concept and implementation of open innovation has the potency to develop and bring forth newer and lucrative business models.
These are the following objectives:
- To establish a market niche
- To update innovation policies based on data source
- To ascertain social, economic and environmental value
- To increase bandwidth of product portfolios
The scope of the project is to bring innovation to the business for the growth and development, by exploring the open source data available for the business purpose.
The basic concepts of the business innovation are going to be elaborated and what the relation between the importances of data exploration is and business innovation is discussed. How the impact of data that is available in the open source form is important for the business innovation in order to grow the business up to a certain level.
A review on the policies of the business is an important factor for the consideration of the demand the market. It is important for the commercialisation of the innovative ideas and to evaluate the policies to boost the business innovation techniques. The study is based on the monitoring of the existing policies with respect to the growth and demand of the business innovation that must be required from time to time for the overall growth any business within the corporate market.
Project Scope
The most important factor that companies are prying upon, with the access to open data, is the usage of this data to exploit the divides and gaps previously present in the markets and recognize business prospective, create new and innovative products and services and come up with newer and better business models (Zuiderwijk, et al. 2014). Many companies take this notch higher by publishing open data themselves, thus help in increasing the data supply and ensuring to engage a greater number of customers. Government across the world have more active in the participation of data sharing and exchange among the various private and public forums. Government is also now started believing in the power of openness of the data and sharing of data within the public and private sectors for the betterment and accurate strategy building in the corporate or government sector.
Every business in the initial stage acts as a niche in the existing market scenario. The growth of the business is followed by the data exploration in order to explore the business opportunities and it helps to get the idea about the demand and supply within the market. The business data that is required for the framing of business strategies are growing at an alarming rate (Cohen, et al., 2016). There is a growing power of sharing of the data among the various marketers in order to bring change in the existing global economic and social market trend. This has led to the evolution of the openness of the data in order to access and re use among the various professionals for the growth and development of the business. More over it gives a clear picture about the innovation that is required on the growth and development of the business in order to sustain for a longer period of time within the market.
More number of innovations are always welcomed within any corporate sector. But these innovations are important only when they are able play important role on the customer purchasing ability. This means the innovations must be equally improve the customer’s requirement. Start-ups and new entrepreneurship, is a critically acclaimed judge, a challenger, and an innovator of the same in cases comprising open data. These are primary organizations applying open data to realize newer products, innovations and services, bringing forth newer and more unique business models and opportunities made available with open data, but there always hovers the obstacles and challenges that one has to face while deciding to work with a new resource (Gretzel, et al., 2015).
Literature Review
This is another strategy for the innovation using open data, per say. Start-ups applying open data more often than not tend to combine the innovative strategies concerning the business with an intention to raise and sustain a socio-economic and environmental impact. For example, the organization Food Trade utilizes this open data to implement an allergen compliance method. At the same time, this tool aspires to make the food supply systems more sustainable in the market.
The idea is to form open intelligence mechanisms so that people are not just aware but are inspires to participate in it. This always ensures better and a more responsible impact when more number of people are enthusiastic and there is a continuous check at many levels, directly or indirectly.
The open government data also known as OGD, plays an important role in the exchange of data that are useful for the growth of the business and development of the entity either in the government level or in the corporate sector (Gasco-Hernandez, et al., 2017). This concept has spread around the world at an alarming rate across the globe, since t is very quickly adopted by the various global business entities for the growth and development of their business. Based on the data exploration and analysis on the data, it can preview a clear picture on the requirement list of the business for their market growth. They could easily use the data and take important steps in the customer attraction power so that they can sustain in the market with new innovations that are complete based on the customer requirement.
Though the main focus of open data is bestowed on information and communication sector, many micro, small, medium- sized enterprises are utilizing the open data by incorporating it into industries diversely ranging from, research, education to agriculture. One such way is to innovate on data products to market alongside consultation and other services, or expertise in the handling of specific open datasets and developing a consultancy surrounding this. One such example is that of GeoLytix which offers consultancy on location to retailers like property developers, real estate investors, banks etc utilizing open data. They extend these service from small retailers to established and renowned hotshots in the market too.
The formative idea of GeoLytix was to incorporate open data to render better quality of data analytics to the client especially the small and medium scale retailers, who obviously do not have the resource and ability to individually build these data sets and are thus dependent on sourcing it from a trusted place (Brunswicker and Vanhaverbeke, 2015). This initiative is very much a mutually benefiting one. While the business start-ups gets the data analytics done without much hankering , the providers are successful in building up a successful client rapport and a reputation which goes a long way to sustain them in the marketing. This also helps contribute back to the ecosystem and accentuate the quality of open data.
Innovation policies
There are other organizations like Shoot Hill who specialize primarily in data visualization and online mapping. The open data was conceived by this organization when there arose a request to integrate flood-prone data from the Environmental Agency in the web mediated street maps available. This has not only been beneficial to the organization to establish and lead to a successful business increment, but also, helped people have access to this information which has been a blessing in disguise in times of threat and crisis pertaining to a flood.
- Geospatial data
It is more commonly incorporated in the UK based companies. The most frequently cited government based open data provider was Ordnance Survey while the non-government source most frequently approached for open data was OpenStreetMap, totally a volunteer participation an initiative of the map of the world which was openly licensed.
- Transport Data
It is another popular means of utlilizing open data. This includes government based information that is acquired by the Transport department. This includes attributes like Highway traffic control, CO^2 emission status, pollution markers etc. The non-government transport data is also obtained which focuses on other specific environmental and socio-economic factors, like availability of transport facilities at a given location etcetera.
- Environmental Data
This is often encased by data companies to utilize, analyze, spread awareness and empower people with objectives to save the environment or create less havoc to the ecosystem. The government sources of open data that are commonly looked into for this purpose include the Environmental agencies, forest departments etc and the weather or Met office.
- Demographic Data
This is particularly important for companies whose products and services are dependent on the demographic variable, the age-wise distribution of population or the gender specific services. This can be obtained from governmental open data sources like the census, postcode and claimant count data etc.
Management of Information system is an important factor for the reliability of the strategies based on the data collected for the business purpose. There is a strong relation between the information system management and the business processing system. (Refer Appendix 1)
There are certain important business models that are important to consider for the business system. The model respiratory explains how the data intelligence plays he crucial role in the designing of server side engine. The data warehouse is dealt with the data analyst using an expert tool and collected via other resources and helps in the development of business applications. The model is an important factor to consider the various business application development factors such as risk assessment, churn management, sales forecasting, scoring, management of business campaign and management of business optimisation. (Refer Appendix 2)
Establishment of market niche
Data source plays an important role in the framing and developing of business charts using the graphical data analysis. Using core statistical data tool, huge amount of data could be able to handles within a very short span of time and provide the result of the graphical data analysis using various tools like SQL, OLAP and data mining techniques. (Refer Appendix 3)
The economic potential to achieve via open data methodologies is huge and it has been realized time and again through various initiatives and implementations. Several dignitaries and authors have thus proposed business models on this economic enhancement. The eight Archetypes business model is specifically based upon the factor of re-using open data. The authors of this specific model, differentiate this using two axes, the positioning of the company in the hierarchy comprising the value ( front podium v/v behind the scenes) and the strategically put forward vision ( the staple bread and butter v/s the extra affinities and attraction tools).
The major 5 goals and objectives that can be achieved using the open data technology to innovative business strategies are deliverance of individualistic and personal touch to the services and products, easier resolution to problems that may have seemed to be very cumbersome otherwise, setting up benchmarks for specific solutions and referring to them for future purposes, expanding business with newer and better offerings, innovations and continuous modifications as per feedbacks, and always keeping up a continuous process of upgrading with time and changes in trends and demand, offering unique and innovative ideas.
There have been many studies conducted on the open data utilization and its impact and benefits, or the challenges faced in the business prospective. The studies have also focused on the extent , to which open data has been exploited and re-used for the betterment of both the recipient and the provider. There has been a keen scrutiny on the industries incorporating the facility and its outcomes (Mandl, et al., 2015). The results have been quite promising and surprising at the same time. It is not just the Information Technology sector and the communication sector seizing this opportunity, but industries like agriculture, commerce, energy ,judiciary , education, health and wellness are few of the departments amongst many others to have incorporated it successfully.
In education, it has improved instructions, provided better fitting of students to the programs, or other internship opportunities and employments, transparency in monetary transactions related to education etc.
In the consumer products and retailing, open data has helped deliver better services in terms of variety, manufacturing abilities, analysing trends and demands, efficient store operations, managing sales and marketing etc.
In consumer necessities like electricity, oil and gas value chains, there has been optimization of the system with respect to demand and supply, better communication channels, easier resolution of major issues, identifying problem areas.
The health care sector has also been affected and has utilized this method to reach out to people for basics like the right and healthier art of living, making available the right care, right provider at the right value.
Conclusion
There are several advantages of utilizing open data for business innovation, needless to say, economy and finance being the prime centre of attraction of it all. There are other mutual benefits to the recipient and the service providers, and an overall ecological and environmental benefit that is a rising area of concern today. Like any other resource, this one comes with its own package of pros and cons and similarly the art of reaping benefits and overcoming the hindrances in the procedure is something that’ll only get better with time.
Reference List
Brunswicker, S. and Vanhaverbeke, W., 2015. Open innovation in small and medium?sized enterprises (SMEs): External knowledge sourcing strategies and internal organizational facilitators. Journal of Small Business Management, 53(4), pp.1241-1263.
Cohen, B., Almirall, E. and Chesbrough, H., 2016. The city as a lab: Open innovation meets the collaborative economy. California Management Review, 59(1), pp.5-13.
Davies, T. and Perini, F., 2016. Researching the emerging impacts of open data: revisiting the ODDC conceptual framework. The Journal of Community Informatics, 12(2).
Gasco-Hernandez, M., Sandoval-Almazan, R. and Gil-Garcia, J.R., 2017, September. Open Innovation and Co-creation in the Public Sector: Understanding the Role of Intermediaries. In International Conference on Electronic Participation (pp. 140-148). Springer, Cham.
Gretzel, U., Sigala, M., Xiang, Z. and Koo, C., 2015. Smart tourism: foundations and developments. Electronic Markets, 25(3), pp.179-188.
Jetzek, T., Avital, M. and Bjorn-Andersen, N., 2014. Data-driven innovation through open government data. Journal of theoretical and applied electronic commerce research, 9(2), pp.100-120.
Mandl, K.D., Mandel, J.C. and Kohane, I.S., 2015. Driving innovation in health systems through an apps-based information economy. Cell systems, 1(1), pp.8-13.
Zuiderwijk, A., Helbig, N., Gil-García, J.R. and Janssen, M., 2014. Special Issue on Innovation through Open Data: Guest Editors’ Introduction. Journal of theoretical and applied electronic commerce research, 9(2), pp.i-xiii.
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