Innovating New B2B Business through Big Data — Key Challenges Faced

Tuija Rantala, Katariina Palomäki, Katri Valkokari, Anne-Laure Mention and Marko Torkkeli

Chapter 9 in Managing Digital Open Innovation, 2020, pp 231-253 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The purpose of the chapter is to study the types of challenges business-to-business (B2B) companies face when innovating new business through big data. We draw together literature on open innovation, new business creation and big data, and present a study based on 20 qualitative interviews from six case companies each at different stages of big data utilization. Four categories of key challenges are identified: (1) data, (2) data processing, (3) operational management, and (4) business development and strategy challenges.Our results underscore the importance of understanding the data utilization level and needs from a company’s and their customers’ perspective, both now and in the future. In addition, forming a data business strategy can be valuable when creating new business through the use of big data. Our results highlight the importance of data ownership, solving data ownership and privacy issues, as well as achieving data-related know-how combined with business and customer understanding. The chapter presents practical examples from the case company interviews.

Keywords: Open Innovation; Digital Disruption; Industry 4.0; Data-Driven Decision; Value Networks; Organizational Agility; Digital Design; Collaboration; Innovation Policy; Social Media; Open Strategy (search for similar items in EconPapers)
JEL-codes: O31 O32 (search for similar items in EconPapers)
Date: 2020
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