Utilizing company's own data in creating new data-driven business models and opportunities

Data Engineer meltlake

Many organizations knowingly, some unknowingly, have data that could, at best, develop new business. But how to make that happen?

There may be many reasons why an opportunity is still untapped, but it might be worth the effort to take a moment to look beyond your current operations and think about what data is currently being collected in your organization, how it is being exploited, and how it could be commercialized for others. Just as software development has changed business processes in recent years, the collection and utilization of data will do the same in the years to come. Each organization should take this into account in its operations and use its own data to develop existing business models and innovate completely new models. If it’s not you, it’s some competitor.

A common platform brings strength to the network

Organizations collect data from many different sources; Through IoT devices and phone applications, from customer portals to dozens of different systems that manage an organization’s operations. Systems and applications that streamline production processes often involve the installation of sensors and sensors in production facilities. The amount of data is increasing, and its accumulation is accelerating all the time. The data collected by these technologies is used not only to understand how operational efficiency can be improved, but also to create new services and revenue streams.

The collected data must be utilized and analysed correctly. A business model that utilizes information generated by software produced for its own organization and, when properly analysed, can produce unique insights for, for example, its own customers, can provide a very good strategy for profitable growth.

A growing trend among companies that leverage data in their business is to set up platforms that connect customers and third parties to provide value-added services and are thus able to leverage the power of the network to increase growth and competitive strength.

Case Fira Smart: Snapshots help with information management and increase transparency in projects

Fira Smart (a subsidiary owned by the Fira Group) is a good example of how leveraging your own existing data can create new business development services and increase revenue streams from outside your core business. Fira Smart is a Finnish construction company that performs data-based pioneering work in its field. It utilizes new technologies and practices on its construction sites. Information tools and real-time monitoring improve the ability to address errors, for example, as soon as they occur, and enable the collection of information that moves on site and structure it into future lessons for the benefit of all. Fira Smart also wants to share all this with other players in the industry.

Fira Smart and Meltlake have jointly developed the utilization of snapshots for Smart's customers.The goal has been to bring information about day-to-day operations on the site, especially from a schedule management perspective. Meltlake's Power BI consultant designed the production of snapshot data from the initial sources, created the Data Platform and combined data from different sources, e.g. About Fira Sitedrive, quality management, financial management and access control systems. All this data was processed, data models, metrics, and visualizations were created, and the final reports were displayed in a browser-based snapshot that could be shared with end users.

In addition to the technical implementation, Meltlake’s Power BI consultant was involved in developing the snapshot from the perspective of user needs, which is paramount to ensure that the end result is one that really adds value to users. In the case of snapshots, their added value has been found to be very important, as they bring transparency to the entire site and concentrate information in one place. The information was not previously aggregated, it was scattered, and decisions could not be made based on up-to-date information. Now it is easy to manage operations based on up-to-date snapshots and they are also useful for predictability.

The snapshots have also been tried with Fira's customers, and the overall service is attracting a lot of interest, so the work is promised to continue. This is a good example of how digital services and business opportunities can be managed from outside your own core business. Development work together with customers and a network of partners gives each organization the opportunity to grow its business and increase its own competitive advantages. Initially, an application or service created solely for your own use may work for third parties as well.

Does your organization have data from which we can work together to develop new business and competitive advantage of the future?