September 15, 2017 | Written by: Thomas Birck Christensen
Share this post:
Figures from the EU show that Denmark is the leader within digitalization, but when it comes to the use of companies’ own data, Denmark ranks lower than its surrounding countries. This backlog is what #DataForBusiness is aiming to rectify in a collaboration between IBM, the Confederation of Danish Industry, Networked Business Initiative, Copenhagen Business School, Technological Institute, The Alexandra Institute and several Danish IT-advisory companies.
If Danish companies learn how to tap into the large amounts of existing data, they have the possibility to increase profits and growth rates. Studies show that companies that utilize data from, for example, sensors, public datasets and data from social media or online consumer behavior achieve 5-6% better earnings than companies that do not. These facts and figures ignited the idea for the #DataForBusiness project where the objective is to increase the use of data in Danish business.
The #DataForBusiness project is based on a tool that has been developed on the basis of empiricism from two ongoing research projects on big data amounting to DKK 14,5 million. The tool is free to use and examines the individual company’s data potential and how it can use existing data to further develop its business. Up to 500 companies are expected to participate in the project and apply the tool to their businesses, which creates the opportunity for each company to benchmark its performance in relation to its industry. Furthermore, the participating companies will be offered access to certified advisors and clear action plans.
The use of the #DataForBusiness tool and ultimately the increase of the companies’ use of data will not only benefit themselves, but also the industry and Danish companies’ competitiveness globally. Therefore, IBM is proud to be the sole vendor of the #DataForBusiness project.
Do you want more out of your data starting today? Try your data here, or meet us at Watson Summit.