Data-driven business models often rely on building platforms that bring users and suppliers together in mutually beneficial ways. However, attracting your first customers to a platform that has little to offer can be a stumbling block for many companies.
Data that firms can use to increase revenues and reduce costs may be more abundant than many realize. Neglected internal data assets as well as freely available information from the web and public sector could be just what your company needs to streamline your operations and beat the competition.
The IoT promises an exciting future for the creation and exchange of data that could transform business processes and drive the next wave of innovation. However, much work needs to be done in building the data exchanges that will provide the liquidity for this new market.
Rethinking how your company’s activities generate data and focusing on its application to business processes might release hidden sources of value. Enterprises across a range of sectors are forging ahead of their competitors through creative data exploitation.
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