Traditionally, data is used for one thing: analysis. The insights from data are then used for better decision making. But Dr Subramaniam makes a strong case that this is underselling the real value of data. Data can be used as a product in itself – but how? This episode answers that.
Legacy enterprises with vast infrastructure and extensive value chains have one great advantage over modern, digital-first companies: they create enormous amounts of data through their products. But what happens to this data?
The traditional answer is to move it to cloud, deploy analytics and use the insights generated to unlock new efficiencies. But there’s another, more powerful way to use this data, and that is as a product in itself.
In this episode, Dr Subramaniam takes you down the adventurous, less-travelled road, showing exactly how to create new products and services from your data. He begins by clearly distinguishing between episodic and interactive data; consumption and digital ecosystems; and legacy and modern firms. He then explains how legacy firms can seize their interactive data and storm the world of digital ecosystems with new products and services. Don’t miss this special episode!
You’ll hear insights including:
[03:44]: Going beyond cosmetic changes to real transformation through data
[06:23]: How data can be a powerful basis for improving your competitiveness
[10:09]: A use case of how interactive data can be commercialised
[21:00]: What kind of in-house talent is needed to enter the digital ecosystem
[26:26]: Navigating the challenges of data privacy and compliance when creating data products and services
The full podcast is available now on all major streaming services, including Apple Podcasts, Spotify and more.
If you think about the . . .the Googles or the Amazons of the world, it’s very interesting that very little of their revenues come from their products. Almost all their revenues come from data. Most importantly, they don’t rely on industry structure to build competitive advantage for them.
Dr. Mohan Subramaniam,
IMD Business School
Dr. Mohan Subramaniam
Professor, IMD Business School
Dr Mohan Subramaniam focuses on the digital transformation of incumbent industrial firms and new sources of competitive advantage in the digital age. He is a recognized thought leader in digital strategy. He is the author of a book titled ‘The Future of Competitive Strategy: Unleashing the Power of Data in Digital Ecosystems’ (MIT Press 2022). His articles regularly appear in the Harvard Business Review and the Sloan Management Review. He serves on the editorial advisory board of MIT Sloan Management Review.
Welcome to The CEO.digital Show, a peer-to-peer podcast series where we’ll be talking to influential thought leaders about how tech is continuing to change the way the world does business.
The CEO.digital Show is brought to you by host Craig McCartney. Each week, we’ll be interviewing major thought and industry leaders to learn how they are embracing new technologies and strategies to create new value and success for their companies. Find us on all major podcast streaming platforms.