Food & Beverage
DATA AND SMART TECHNOLOGY
Creating new business models from data
Beyond the possibilities that data offers to companies to optimize their internal processes and evolve towards improving the experience offered, they represent a lever to generate additional income. The value attributed to data is increasing, and for this reason, certain organizations are considering generating disruptive strategies that move away from their main activity and propose new ways of extracting profitability from the information they generate by their very nature.
Identifying business opportunities in an innovative field and, in many cases, unexplored, is a great opportunity to diversify sources of income and engage in a new business: the sale of value-added information. For this, the main tasks are:
- Review the data that the company currently has.
- Locate the company’s assets that allow data to be collected that provide valuable information.
- Study the possibility of collecting new potential data from the internal resources that the organization has at its disposal or from the incorporation of technological elements.
- List what other external data, whether open data or purchased data, may be interesting to combine with those that the company already has.
- Analyze potential data and analytics clients who do not have access to them or who require help in generating insights, to combine different business models that add value to different interest groups.
- Consider companies that offer similar solutions to find a differential value proposition.
- Define the data and the level of treatment of those data likely to be commercialized, applying descriptive, predictive and prescriptive analytical models, being aware of the risks that it may entail and avoiding in any case damaging the main activity of the company.
- Decide the best way to reflect the value of that data, whether it is sending the raw data, generating reports or creating dashboards with tables and graphs.
- Ensure the fit of the new business model with the core activity of the company, considering both external agents and the internal culture of the organization around data.
Challenge
Exploration of new business models from the data captured in the day-to-day production, marketing and distribution process, to identify areas of opportunity on which to monetize the captured data, understanding the needs of customers and suppliers, as well as optimizing internal processes.
Solution
For the construction of the new business model, actions were carried out to understand the internal data structure, a benchmark of success stories in the sector that served as a reference and, with this, more than 15 monetization opportunities were designed.
Result
Different business models and potential solutions were identified to monetize the information available in the organization.
With this, 4 solutions were conceptualized, of which the business model with the greatest potential for income and implementation was prioritized. A platform format business was conceptualized with the following elements:
- Value proposal
- Platform Features
- Data capture and sale sources
- Business Plan with different return scenarios
Impact
increase in sales in the data business
innovative business models identified
plataforma en fase de implementación
With this project, we are increasing the sources of income in our business, and unifying and centralizing information that will give great value and impact to our clients.
Implementing this business model generates a very significant disruption not only in the organization, but also in the sector, which is not used to using data for decision-making. In the vast majority of cases, these data are not even available.
