Challenges in Developing Data-based Value Creation

Abstract

Understanding data-based value creation helps organizations to enhance its decision-making and to renew their business operations. However, organizations aiming to use modern data analytics face several severe challenges that are not usually so evident or visible beforehand. In this paper we study a Finnish manufacturing company’s data empowerment and information and knowledge management practices in order to identify the potential challenges related to modern data-based value creation within industrial context. The empirical data is consisted of group discussions, relevant data sets acquired from the case company’s information systems, and lastly, 12 thematic interviews of the key actors in the company in relation to service development. The study provides valuable insights for managing service development and decision-making and creates understanding on data-based value creation. Achieved understanding provides meaningful knowledge for organizations utilizing or having plans to utilize, for example, data analytic methods in their businesses.