Technology, data and innovation can make businesses more competitive, efficient, and effective, and are being used in some cases to create entirely new business models.
It is estimated that the volume of data created and collected doubles every three years, and businesses in sectors such as manufacturing are using data analysis to reduce their operating costs by 5-15%, and increase their gross profit margin by up to 30%. Data can also be used to increase transparency, improve decision-making, collect more detailed performance information, and provide more tailored products or services to customers.
For instance, many businesses are collecting and analysing data on energy consumption, production time, raw material use, and consumer behaviour and can use that information to identify current inefficiencies and plan more effectively. The advent of new technologies to manage and share this data, such as blockchain, can allow businesses to trace the origins of their raw materials, increase confidence in their products for consumers, and identify trends and patterns.