Open Data: Driving Growth, Integrity, And Innovation In The Global Economy

The Significance of Open Data in the Business World

Question:

Discuss about the Business Research Method Research Proposal Services.

It is identified that open data will certainly drive the growth, integrity as well as innovation in the world economy. As mentioned by  Helbig, Gil-García and Janssen (2014), data is the new capital of the global economy and the companies tend to seek renewed growth, effective performance as well as meaningful customer engagement. However, the pressure to exploit data could be immense. In the recent time, businesses have become hooked on the “big data”. The businesses have blinked opinion of open data. Conversely, allowing any one to use and redistributed data freely is considered as the mechanism employed by the governments to enhance public service transparency (Zuiderwijk and Janssen 2014).  This enables the citizenship to hold new account. Nevertheless, open data is the necessary part of developing the data landscape. This section of the report discuses the ideas and views regarding open data published in the existing studies. The critical discussion on the open data has been established considering the views of different authors and scholars.

As put forward by Janssen, Charalabidis and Zuiderwijk (2012), while everyone knows that people are living in the midst of the data revolution; in fact the experts are trying hard to figure out what open data stands for as the most widely discussed topic has till now been the big data. This is concept, which elicits some particular reactions. To some scholar, the big data means a world or a platform where every individual’s activities, finance, movements as well as private conversations are traced as well as analyzed by the government (Kitchin 2014). Unlike this concept, to some particular scholars, the big data is a boon, which means an explosion of data that can be mined for commercial application, marketing insights as well as rapid scientific growth. Besides these worldviews, that are not necessarily incompatible- the open data remains a more difficult to understand. In this context, Yang and Kankanhalli (2013) commented that in the recent time, the public sector organizations as well as departments are increasingly repaying the public investment by keeping their data available to all at free of cost. When the cost is increasing in putting the data to use, the increasing availability of the national resource is becoming a crucial driver for many new businesses. This is largely known as the open data. The types of data as well as the applications are most significant and promising, which will encourage innovation to go forward (Chesbrough, Vanhaverbeke and West 2014)

It has been studied in the existing literature, the unprecedented ability to collect, analyze as well as use is creating new sorts of business opportunities. According to Zuiderwijk, et al. (2012), the data analysis could enhance the efficiency as well as minimize the cost, which can be considered as the process innovation. The logistic firms are observed to be using the data to enhance the efficiency. For instance, the UPS uses he data analytics to determine maximum routs for its drivers.  The analysis conducted but the government Lab in US demonstrates how data analytics could increase efficiency in healthcare sector (Yoo et al. 2012). In addition to this, it is also observed that organization could use the data to reach consumers more easily and effectively. This increases the brand reputation and the design of the products and services for some particular audiences.  For instance, it is found that IT company Google analyzes the search behavior of people to target advertising as well as Amazon users the customer data to enhance the sales based on the personalized recommendation.

The Difficulties and Benefits of Open Data

Increasing number of organizations in the myriad industries such as finance, healthcare, energy and education are there that might not exist without the data science developed in the present days.  Particularly, these industries are not using the data to operate their delivery network more effectively. This discussion focuses on the third type of innovation because of the impact that it will create over time. Thus, these new data-driven organizations could create a strong effect. This means once the first company shoes the way, the other organizations might follow, which could lead to cumulative job growth as well as wealth generation.

Moreover, these organizations depend on the data as the business resource, and the public government data is particularly remains as the cost effective source for thee organizations. By keeping the data more available, the government organization could make crucial difference in increasing this sort of business innovation (Juell-Skielse et al. 2014). When the big data has attracted many interests, the open data could be more significant for the new businesses. The diagram provided in the following demonstrates that big data as well as the open data are related but the concepts may not be same or similar to the type f data. 

Some big data could be anything but open. The records of customers acquired by the business are considered to be used exclusively by the organizations that gather it to enhance their businesses process as well as marketing. In this context, Ling (2013) commented that open data, conversely, is developed and designed for public use.  It is effective for the public that sustain as well as accelerates the process of business across the economy. When the big data is also open- it is much open for the organizations in public sector, it is particularly powerful.  The study conducted by George, Haas and Pentland (2014), helps to observe that open data in the global environment costs around $ 3trillion per year.

As put forward by Helbig, Gil-García and Janssen (2014), the United State and other nations have committed themselves to make government data open by default. It is open to the data public unless there is security, privacy as well as other significant reasons. However, the data set will not be accessible to them. It could be difficult to make the entire supply of the public of the nation available. It might take the considerable time, money and effort to convert national data set into usable open data. Thus, it is wise for the organizations to assess the return on investment for this particular effort. In the past few years, it was observed that, the policy analysts have made many high-level or significant attempts to anticipate the economic value of such different kind of open data.

The above motioned government lab focusing on the same issues on a more relevant way.  The survey has been conducted considering 500 companies that use open data government as significant key business resource. As the study has not gathered the systematic financial data on these organizations, the study has provided a significant map of the territory demonstrating the categories of organizations that use open government data. The open data involves 500 organizations across different business sectors. Many organizations are developed on two significant examples of open government data (Zuiderwijk and Janssen 2014). The studies confirm that increasing number of organizations whose organizational operation are to make it facilitated for other business organizations to use open data. Data and technology companies in the Open Data 500 research make the biggest single category in the research.  These organizations provide platforms as well s service that make open government data easier to find and implement. Moreover, it is can also be added that these organizations could serve a critical functions into open data platform. A large amount o government data is incomplete or irrelevant that are processed via obsolescent legacy system, which is quite difficult.

The Impact of Data on Business Opportunities

As many organizations in the government sector are working to enhance the data resource, it remains as the huge task and requires help from the private sector organizations. Based on the complexities of database, it can be motioned that present state of government data and the lack of funding required enhancing it, the organizations should continue to build a viable business for the coming years. This might again create a strong impact. The success of these organizations could makes other organizations data driven organizations successful also. Some data driven opportunities for business across all sectors with different kinds of open data are there to serve as fuel for their innovative fires.  Some of these organizations as well as the significant open dataset involve the business and legal service, education, energy, finance and investment.

Business and legal services- a number of organizations are dealing with the open data, analyzing as well as managing open data for business intelligence and the operation of business. For example, it is observed that US patent and trademark office and combines it with other data to deliver analytical tools that organizations or business could implement to know about significant competitors as well as partners (Helbig, Gil-García and Janssen 2014). It is also observed that organization Panjiva implements the custom dataset to facilitate global trade that connects buyer as well as suppliers across 190 nations.

Education- It is observed that data driven organizations are finding value into two different kinds of education data. Thus, the first data is based on the performance of the student that can be opened or that is available to students, parents as well as teachers to improve the education as per the needs of the students. However, it is still not clear how the originations twill be able to implement this sensitive data to connect students with educational resource as well as programs without running of privacy concerns (Kitchin 2014). These organizations could provide a significant public benefit with the significant economic value.

Another kind of education is about the academic institutions themselves and the value they offer. In addition, the college bound students have widely depended on the college rankings from the base of US news. These students have used the information to work with their families and parents as well as the high school counselors to figure out and how they could afford institutions of their choice (Ling 2013.). Most universities or colleges are now required to demonstrate their real cost. The desired cost for particular kind of student after the college’s characteristic aid package is considered.  Many education websites have started using this kind of data to guide the students and find colleges.

Energy- the increasing interest in clean energy as well as sustainability is generating a new breed of data-driven organizations. Many organizations tend to use open data on energy efficiency with data-storing sensors to make residential as well as commercial buildings more energy effective.  Likewise, the others are using the open data to clean energy technologies. For example, it can be added that Clean Power Finance for example could use the open data to guide the professionals and help them in findings the access to finance (Juell-Skielse et al. 2014). In addition the data from securities as well as exchange commission has strengthened investment organization for decades as well as it is now possible to combine SEC data with other data source for developing a faster and usable analysis. Other new organizations provide a large range of financial information as well as services to business and customers. Likewise, the some financial organizations are processing financial data and helping the small and medium sized organization. Thus, they could receive the capital they require.

As put forward by Hashem et al. (2015), the open data such as machine readable information, particularly government data that is available to all- has created a significant deal of excitement around the word for its potential to authorize public and change the way the government works. It could enhance the delivery of public services. It could also create significant value. The existing research indicates that seven industries alone may create more than $3 trillion yearly as the additional value. This is considered as the result of open data. This brings an increase to hundreds of entrepreneurial businesses. It helps the developed companies to segment markets, define new products and services. In addition this, it could enhance the competence and effectiveness of operations. Even though the open-data phenomenon is in its initial stage, people observe a strong potential to derive significant economic with the help of advanced analytics to both open and proprietary knowledge.

Conclusion

On the completion of the report, it can be added that open data could become an instrument for isolating the information gaps across industries. The data could allow organization to set benchmarks as well as spread advanced practices that enhances the productivity. Some particular data driven opportunities for business in all industries with several kinds are there to serve as fuel for their innovative fires.  Some of these companies and the significant open dataset involve the business and legal service, finance and education.

Reference list:

Chesbrough, H., Vanhaverbeke, W. and West, J. eds., 2014. New frontiers in open innovation. OUP Oxford.

George, G., Haas, M.R. and Pentland, A., 2014. Big data and management. Academy of Management Journal, 57(2), pp.321-326.

Hashem, I.A.T., Yaqoob, I., Anuar, N.B., Mokhtar, S., Gani, A. and Khan, S.U., 2015. The rise of “big data” on cloud computing: Review and open research issues. Information Systems, 47, pp.98-115.

Helbig, N., Gil-García, J.R. and Janssen, M., 2014. Special Issue on Innovation through Open Data: Guest Editors' Introduction. Journal of theoretical and applied electronic commerce research, 9(2), pp.i-xiii.

Janssen, M., Charalabidis, Y. and Zuiderwijk, A., 2012. Benefits, adoption barriers and myths of open data and open government. Information systems management, 29(4), pp.258-268.

Juell-Skielse, G., Hjalmarsson, A., Juell-Skielse, E., Johannesson, P. and Rudmark, D., 2014. Contests as innovation intermediaries in open data markets. Information Polity, 19(3, 4), pp.247-262

Kitchin, R., 2014. The data revolution: Big data, open data, data infrastructures and their consequences. Sage.

Ling, C., 2013. Big Data Innovation: Research on EU Open Data Strategy [J]. Information Studies: Theory & Application, 4, p.026.

Yang, Z. and Kankanhalli, A., 2013, June. Innovation in government services: The case of open data. In International Working Conference on Transfer and Diffusion of IT (pp. 644-651). Springer Berlin Heidelberg.

Yoo, Y., Boland Jr, R.J., Lyytinen, K. and Majchrzak, A., 2012. Organizing for innovation in the digitized world. Organization Science, 23(5), pp.1398-1408.

Zuiderwijk, A. and Janssen, M., 2014. Open data policies, their implementation and impact: A framework for comparison. Government Information Quarterly, 31(1), pp.17-29.

Zuiderwijk, A., Janssen, M., Choenni, S., Meijer, R., Alibaks, R.S. and Sheikh_Alibaks, R., 2012. Socio-technical impediments of open data. Electronic Journal of e-Government, 10(2), pp.156-172.