Global open innovation ecosystem EarlyBirds can assist mid and large-size companies tap into the innovations in data collection, storage, and analytics that are currently being worked on by thousands of worldwide startups and scale-ups. Successful organizations can then make sense of and capitalize on their data, possibly the most important resource that they have, and turn it into a driver for sustainable growth. Readers can find out more about the opportunities of working with EarlyBirds by heading over to its website at earlybirds.io.
In 2017, an article from the Economist called data the oil of the digital era. Insight into consumer behavior such as favorite online activities, most used applications, most used features, and the kind of content that people around the world like to consume gives the companies that control such data an enormous competitive advantage. Even in the context of internal business activities, data can hold the secrets to radically boosting a company’s output and its employees’ productivity.
Some organizations, according to a report from McKinsey, attribute 20% of their earnings to the optimizations that they were able to make due to leveraging the data they had. The same report also identified 7 key characteristics of data, leveraging which can lead to a business being truly “data-driven” in its day-to-day management and long-term decision-making.
The 7 data characteristics highlighted in McKinsey’s report can be summarized as the sheer ubiquity of data sources within a company, the granularity of data collection possible, the different types and degrees of flexibilities of current data storage paradigms needed to support the collection of the data, the need to assign ownership of the data collected to responsible and capable teams within an organization, recognizing the value of the input that Chief Data Officers can provide to the company’s bottom line, setting up data sharing to encourage cross-department innovation, and dedicating resources toward ensuring that the data is secure and resiliently stored.
The Sixth Annual Gartner Chief Data Office Survey of Data and Analytics (D&A) concluded that successfully sharing data led to “D&A teams that were 1.7 times more effective at showing demonstrable, verifiable value to D&A stakeholders.” Sharing data across organizational silos unlocked potential avenues for D&A teams to gain unprecedented insight into their company’s operations and translate these learnings to better work processes, direct profits, and better risk mitigation. The survey recommended the use of digital trust technologies such as blockchain smart contracts to ensure that the data is shared safely and securely. Startups that feel they have made an essential innovation in how enterprise data is collected, stored, and analyzed can sign up or claim the company and provide additional on the the EarlyBirds platform as Innovators at https://earlybirds.io/en/innovator.
The World Economic Forum, a non-profit which works for the betterment of public and private corporations around the world, highlighted in early 2021 how free and open data sharing could have significantly shortened the time it took for the world to bounce back from the COVID-19 pandemic. Though the opportunity was not fully capitalized on, it came away with six conclusions about how data sharing can help world governments fight real human issues around the world. The six critical problems it shortlisted were solving rare diseases, shaping healthier lives, solving humanitarian crises such as shortage of food and essential goods, shaping the future of urbanization, shaping sustainable oceans, and shaping the long-term sustainability of tourism.
EarlyBirds cofounder Jeff Penrose commented on why the Australian open innovation ecosystem is well positioned to help companies around the world in this regard by saying, “EarlyBirds is the ideal partner to work with in solving data sharing and analytics challenges. We can find and introduce you to innovators who have put in the work and have built out-of-the-box solutions that are ready to go and can be seamlessly integrated into your organization’s digital infrastructure. We can work with you to build the key foundation pieces needed to create and run a data-driven enterprise. This could include mapping the linked business or technical ecosystems to the required outcomes. Our Dynamic Ecosystem Map will consolidate the key themes relevant to your industry or organization’s technical challenges and populate these with data from our award-winning platform. Our Innovation Maps also have the flexibility to change as the global market changes. If you want your organization to benefit from the thousands of innovations that we have curated here at EarlyBirds, sign up to our platform as an Early Adopter at https://earlybirds.io/en/early_adopter.”
Companies that sign up as Early Adopters can get insights into global industry innovation capability, source, analyze, and curate global innovators including startup, scaleup and mature companies for their solutions, partnerships, and more, and search and buy innovations, such as proof of concepts and trials, in their industry and business functions based on what business outcomes they provide.
SOURCE: Press Advantage [Link]
Early Birds is a B2B platform for Innovators (Startups/Scaleups/Mature), Early Adopter organisations and SME consultants to solve business challenges.
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