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Innovating New B2B Business through Big Data — Key Challenges Faced

In: Managing Digital Open Innovation

Author

Listed:
  • Tuija Rantala
  • Katariina Palomäki
  • Katri Valkokari
  • Anne-Laure Mention
  • Marko Torkkeli

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.

Suggested Citation

  • Tuija Rantala & Katariina Palomäki & Katri Valkokari & Anne-Laure Mention & Marko Torkkeli, 2020. "Innovating New B2B Business through Big Data — Key Challenges Faced," World Scientific Book Chapters, in: Pierre-Jean Barlatier & Anne-Laure Mention (ed.), Managing Digital Open Innovation, chapter 9, pages 231-253, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811219238_0009
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    More about this item

    Keywords

    Open Innovation; Digital Disruption; Industry 4.0; Data-Driven Decision; Value Networks; Organizational Agility; Digital Design; Collaboration; Innovation Policy; Social Media; Open Strategy;
    All these keywords.

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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