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05.06.2020

Opportunity Compass for the Data Economy as an orientation guide for data-based business models

The transition to a data and platform economy represents both a great opportunity for growth and innovation and a considerable challenge for many companies. The Opportunity Compass for the Data Economy can show companies possible solutions and provide assistance.

Meeting the challenges of digital transformation

The importance of digital and data-based work processes for the economy and society has become evident once again, particularly in the recent global corona crisis. Even in times of physical distance, new technologies make it possible to store and process huge amounts of data.

Many companies in the electrical and electronics industry already use various data-based technologies and successfully integrate them into their daily work processes. As a leading sector and central link between the analogue and digital world, the electrical and electronic industry is actively shaping the digital transformation.

Without secure and trustworthy (micro) electronics as the core of every digital system, it would not be possible to connect products and services in Industrie 4.0. Innovations in the industry, for example in the areas of automation and process technology, sensor technology, connectivity or software, create the basis for the digital transformation in B2B business.

Nevertheless, there is often a considerable degree of uncertainty in many companies when dealing with data and platforms. There is no master plan for digital business models or the use of new technologies such as artificial intelligence.

In order to identify possible ways of using data, the Opportunity Compass for the Data Economy contains an assessment framework with important requirements and specific case studies on the use of data in an industrial context. A five-step model helps to identify, evaluate and implement potentials for such business models in existing data sets.

The Opportunity Compass for the Data Economy was developed by McKinsey on behalf of the ZVEI Service Society (ZSG) and with the support of ZVEI. It is available here in German and in English.

Use of data and platforms needs a regulated framework

The "raw materials" of the digital economy are data and platforms. But the use and processing of data and the operation of platforms can also lead to misuse and conflicts. The ten guidelines of the German electrical and electronic industry for the responsible use of data and platforms give concrete examples of what the German electrical and electronic industry is guided by when using data and designing platforms, using case studies from the corporate practice of ZVEI members. 

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