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13.03.2019

The challenge of data economics - "Chancenkompass Datenwirtschaft" as a guide

Data, data, and more data: Digitisation is creating huge amounts of it. What to do with it - and how? The transition to a data and platform economy is not only on its way, it is already on the doorstep.

There is no master plan for digitisation in general or for the use of artificial intelligence. The emerging digital world can and should nevertheless be designed purposefully.

On behalf of the ZVEI Service Company (ZSG) and with the support of the ZVEI, McKinsey has now developed the "Chancenkompass Datenwirtschaft". It gives companies in the electrical industry an orientation on how new data-based business models could be developed on the basis of existing data. A five-step model helps to identify, evaluate and implement potentials for such business models in existing data sets.

The ZVEI is involved here because the electrical and electronic industry plays a special role in digitization as a leading industry. Without their automation and process technology, without their sensors, connectivity or software platforms, there would be no digital upheaval in the industry at all. Nevertheless, many companies continue to focus on digitalizing existing processes while leaving business models untouched.

This restraint in data economics carries a risk: Newly emerging competitors or start-ups could fill this gap in the market and the good position of electrical companies would be lost.

The aim of the "Chancenkompass" is therefore also to bring the transition to data economy further up the corporate agenda so that they can maintain their good market position in the future.

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