Individuals and health care systems can use the information

Students’ needs to summarise Assignment 1 literature review (2-3 pages) and do justification from Assignment 1 literature problems, gaps opportunities, Hypothesis)Instruction:we needs to summarise Assignment 1 literature review in this assignment in 2-3 pages .i will attach privious assingnment as well so you need to have a look on it and need to write according to that assignment .this is my second assignment you of three in total for this subject . so it will cover 50 marks oft of 100 ma
Business Innovation through Open Data
Business innovation through open data
Introduction
Technology is taking the business sector by a storm, and a lot of things are changing since organizations are adopting the technological changes. In the recent past, Australia adopted the use utilization of ICT where firms use systems to gather and share information from both internal and external sources. The adopting of the information system formalized the concept of open data. Open data involves the information about companies that is obtained freely on different topics from various sources, which is shared and used by anyone with access to the information (Culpan 2014, p. 48). Open data is information obtained from research, report, scholars among other sources. The internet has hugely contributed in doing the practices a success by providing a platform for users to access the information use, reuse and share the data. This has led the development of open data institutions that are committed to doing research and availing the information to users. Some of the information is provided by an individual, institutions companies, and government funded institutions. For instance, Australia has invested a lot in different sectors such as business, agriculture, health among others to ensure enough information is available. Open data is used by an organization for decision making thus influencing business endeavors (Ohlhorst 2013, p. 43).
The business environment is one of the sectors that has widely adopted the use of open data. The strategy has been encouraged by management, scholars and even the Australian government. It has changed how business compete in the market since everyone has access to information on the occurrence in the market. Organizations are taking advantage of the abundance of information, which is largely benefiting SME’s to compete with already established organizations. More so, open data has allowed creativity and innovation in the business sector since sufficient information is available (Culpan 2014, p. 54).
Project objectives
To find out the benefits of using open data in businessTo understand how open data changes the way businesses competeTo establish the limitations of using open dataProject scope
The research will focus on the revolution in the business field caused by technological changes. Technology has majorly altered how business is being conducted as compared to the traditional practice. The research offers an in-depth analysis of the changes adopted in the corporate sector such as the use of information systems. The information system has allowed a flow of information, which is widely shared to those who require. The research will analyze the importance of the open data and how it has impacted the business environment. More so, it will give detail on the innovative practices that have been developed using data obtained from open sources. Additionally, the study will identify shortcoming, gaps and answered questions about the research conducted. The research will provide insight on the topic business innovation through open data and hence provide an accurate and reliable recommendation.
Open data for business innovation
Information has widely been shared, and the industry is bombarded with a lot of information both relevant and irrelevant. In Australia, more than 200 companies are dependent on the open data, most of them being the small and micro companies. This has been encouraged by the fact that open data provides an analysis of the market hence saving the companies the cost of doing market research (In Geng 2017, p. 23). These data overseas the cost of collecting data, analyzing, quality control and distribution. Large enterprises opt to conduct their specific research since they can afford; however, some still depend on the open data. Open data provides a powerful tool to firms by helping them exploit their potential. A report by the government of Australia indicates the return on revenue has widely grown in the country (Cooper 2011, p. 77). Specifically, that have adopted open data as a platform for gathering intelligent information on the business sector. The government is the main contributor in most of the open data platforms through their public sector. It provides different types of financial information data, scientific and demographic (Van 2014, p. 112).
Most of the data provided have encouraged business innovation in different aspects. The data has opened and increased market opportunities for business. Sufficiency of data has cause process innovation a move that is prompted by increasing efficiency and still is cost effective. For instance, information provided by the government laboratories allows users to increase healthcare efficiency. Individuals and health care systems can use the information to understand what ought to be done and the business to identify the opportunities in the industry to explore (Cooper 2011, p. 98). Furthermore, other stakeholders in providing the information in the open systems are players in the field and experience. Through their submissions, the companies offer user their own experience on the challenges they have faced as a company and how to overcome the challenges. This allows the user to streamline their business and make the process efficient by countering the probable defiance.
Marketing innovation is another business creativeness provided by the use of open data. Business operating in an already congested field or even unexplored field can gather information on how to effectively satisfy their customers. An organization with their goals driven by customer satisfaction cannot avoid using the platform provided by open data. Marketing prioritizes customers need, choice and preference and organizations should capitalize on gaps left by other players in the field. Open data informs business on how to reach their target customers effectively, design their products or services and promote their brands. Such information is very vital to the success and continued the growth of an organization. Open data provides an analysis of the happening in the market and give the user a comprehensive report relevant in making a decision. Google and Yahoo, for instance, analyses the search patterns of internet users and can identify what a given audience or target group needs in the market. Besides, it uses pop up advertisements to make the internet users aware of the different brands that offer the product or service. Amazon, one of the biggest online retail store use such data to increase and influence their sales (Akhgar, Bayerl, & Sampson 2017, p. 118).
Availability of data increases business creation. In the recent past, the number of companies in Australia has grown by a larger percentage as compared to the previous rates according to the business review reports. This is mainly encouraged by the presence of sufficient information. Information gives an individual confidence while starting up their firms because they are aware of the market, opportunities, and threats in the field(In Geng 2017, p. 65). This is being proven by the fact that there is a noticeable growth in the number of companies in different such as finance, education, and healthcare. These firms are using the data to build a business from the ground up and also innovate new products and service. More so, through open data allows the user to identify a gap in the market of which they can invest on. The government which provides more than 67% of the information in the open data platforms uses some of their management information system and research system to avail the information (In Al-Hakim & In Wu, 2016 p. 103). The government, on the other hand, uses the information to foster some of the business innovation they wish to enroll. For instance, it may provide information on a given field, and since the citizens are reluctant in exploring the opportunity, it may introduce incentives. Incentives such as insurance policies that favor the business provide funds or offer tax friendly measures. This will encourage organizations to invest in the area and thus accomplishing the aim of the government in providing service to its citizens.
Furthermore, the government acts as the regulator; it uses policies to establish the nature of open data within the society. It promotes the open data approaches by involving both the customers and the businesses. it teaches the public on the open data safety and benefits. The government utilizes their influence to make the data open and enhance establishment of economic value in them. Once the data is open, further actions need to be developed to attain the value potential. Policies have to be redefined on annual basis to ensure balance of value. By investing in information technology to enhance the collection, sampling, analysis and data presentation, the disclosing of data becomes convenient.
Open data to enhance customer engagement
The customers will continue to push for transparency by the organizations on the corporate social responsibility and the business deals. Many companies have shown commitment to transparency by publishing their data and enhancing sustainability. The companies have received positive perceptions on their brands, which have enhanced customer engagement and retention. Moreover, the government and consumer groups will assist the consumers to take advantage of the economies of scale. Through open data procedure, collective purchasing is witnessed, and the organization undertakes customer feedback procedures to the individuals. Additionally, it will find it easier for the customers to utilize the organizations’ data to determine the best deals to take. The customers will always associate with the organizations that are transparent. The social media platform is the new area where the organizations have utilized to share the data and also engage the customers in attaining competitive advantage. The feedback from the customers is utilized by the business to undertake corrective measures in the process to increase customer experience. Transparent companies build their reputation and remain responsible due to open data.
The consumers are the ones who are set to become the best earners of the open data. for instance, the price transparency will offer the customers a chance for comparisons. Information concerning products and services could be easily available and thus utilized by the the customers to identify the products they want that best meet their needs. Moreover, open data enhance better visibility in consumption and highlight the information that could lead to change of behaviors to the better. The open data has also opened up channels for the improvement of goods and services in the market. moreover, it helps organizations to increase their productivity of the current business entrepreneurs. Through open data the firm produce tailored products to the market, hence provide a benchmark of products and services and share the best practices that improve sustainability. Other companies aggregate the open data and sell them to other organizations for their own use.
Source: McKinsey Global Institute Analysis
Open data influence the way businesses compete
The companies that have grown and sustainable have identified the need of giving out data. This companies have known how the move could bring a significant return on investment. Additionally, the organizations are in position to earn revenue from new sources of revenue and establish new opportunities that enhance innovative ideas and creativity. The open data also helps the organizations to develop better supply chains by making the delivery of services open and effective. The increased flow of data from the government and the businesses ensures increase in the collective behavior due to emerging opportunities between the data sets. At first, the companies will be selective on the data to let open to the public. They will slowly start with discrete quantities. As the business opportunities open up, they try to find the data sets that lack in their resources. The businesses will open discrete data that is of value to give out ideas or create solutions to obtain financial rewards.
Challenges of open data for business innovation
The main aim of open data is to create an economic, social and environmental value to the users. For example, a company like Tassal Group, a leading producer of sea food finds open data relevant in producing allergen compliance product (Western Australia 2015, p. 91). However, in their endeavor, the company and other open data users have been faced with challenges in using the data. From the definition of the term open data, it indicates that information availed as open data is not necessary from a particular source. As indicated previously 67% of the open data in Australia is obtained from the government agencies while the remaining percentage is data for non-governmental agencies, individual and research companies. Therefore, this shows that different stakeholders avail a lot of data (Akhgar, Bayerl, & Sampson 2017, p. 121).
One of the major challenge facing open data is the presence of large data, which in some case is not reliable thus misleading. The internet has provided everyone with the ability to give their opinion on a different topic which may be used as part of the data collected in the open data systems. Companies should, therefore, be keen in choosing the information to be considered in their decision-making process. It is the duty of the person seeking information to consider data that is of high quality and the currency of the data. Apart from the data availed by approved government agencies, material for other sources should be highly scrutinized to establish their authenticity and reliability (In Al-Hakim & In Wu, 2016 p. 109). For instance, an article on a website the user should survey the writer’s experience and knowledge in the topic. A user should only consider scholarly material in making a decision. Otherwise, they may end up making a wrong business decision.
On the other hand, the open data released to the public establish new risks that are associated with the reputation and restriction of confidential information. the open data released to the public could harm the reputation of the company when unwanted information is released. Releasing information such as electricity consumption cold raise concerns to consumers thus fear whom the mistakes would be tide to, hence harm their reputation. Other companies use the data for advertisement purposes could lead to leakage in the confidential information.
Conclusion
In summary, Australia adopted the use of information systems where organizations use systems to gather and share information from both internal and external sources. The adopting of the information system formalized the concept of open data. Open data is information that is availed publicly and freely on different topics from various sources, which is shared and used by anyone with access to the information. Many companies have shown commitment to transparency by publishing their data and enhancing sustainability. The companies have received positive perceptions on their brands, which have enhanced customer engagement and retention. Additionally, the organizations are in position to earn revenue from new sources of revenue and establish new opportunities that enhance innovative ideas and creativity. The open data also helps the organizations to develop better supply chains by making the delivery of services open and effective. The increased flow of data from the government and the businesses ensures increase in the collective behavior due to emerging opportunities between the data sets. However, of the major challenge facing open data is the presence of large data, which in some case is not reliable thus misleading. The internet has provided everyone with the ability to give their opinion on a different topic, which may be used as part of the data collected in the open data systems.
References
Akhgar, B., Bayerl, P. S., & Sampson, F. (2017). Open Source Intelligence Investigation: From Strategy to Implementation. Cham: Springer International Publishing.
Bates, J. (2014). The strategic importance of information policy for the contemporary neoliberal state: The case of Open Government Data in the United Kingdom. Government Information Quarterly, 31(3), 388-395.
Cooper, R. G. (2011). Winning at new products: Creating value through innovation. New York: Basic Books.
Culpan, R. (2014). Open innovation through strategic alliances: Approaches for product, technology, and business model creation. Basingstoke: Palgrave Macmillan.
Davies, T. (2013). Open data barometer: 2013 global report. World Wide Web Foundation and Open Data Institute.
In Al-Hakim, L., & In Wu, X. (2016). Handbook of research on driving competitive advantage through sustainable, lean, and disruptive innovation. Melbourne, Australia.
In Geng, H. (2017). The internet of things & data analytics handbook.
Kitchin, R. (2014). The data revolution: Big data, open data, data infrastructures and their consequences. Sage.
Ohlhorst, F. (2013). Big data analytics: Turning big data into big money. Hoboken, NJ: John Wiley & Sons.
Sagiroglu, S., & Sinanc, D. (2013, May). Big data: A review. In Collaboration Technologies and Systems (CTS), 2013 International Conference on (pp. 42-47). IEEE.
Ubaldi, B. (2013). Open government data: Towards empirical analysis of open government data initiatives. OECD Working Papers on Public Governance, (22), 0_1.
Van, R. M. (2014). Think bigger: Developing a successful big data strategy for your business.
Veljković, N., Bogdanović-Dinić, S., & Stoimenov, L. (2014). Benchmarking open government: An open data perspective. Government Information Quarterly, 31(2), 278-290.
West, J., Salter, A., Vanhaverbeke, W., & Chesbrough, H. (2014). Open innovation: The next decade.
Western Australia. (2015). Whole of government open data policy. Perth: Western Australian Government – Department of Premier & Cabinet.
HI6008 Assignment 2 Requirements Structure
All HI6008 Students Enrol in the Semester 2/2017 need to follow below Assignment structure:
IntroductionProject ObjectiveProject ScopeLiterature Review(Students’ needs to summarise Assignment 1 literature review (2-3 pages) and do justification from Assignment 1 literature problems, gaps opportunities, Hypothesis)
Research Questions/Hypothesis– Primary Question (only one question)
– Secondary Questions (1, 2 ….)
Research questions should be linked to Literature Problems, Gaps, and Hypothesis
Research Design and Methodology
Qualitative research(Students should propose the Process of the Qualitative Research (Main Steps), Approaches to reliability and Validity, Sampling, Sample Size, Data Collection Method, Variables Specifications)
Quantitative research(Students should propose the process of the Quantitative Research Design Process (Main Steps), Research Instrument, Quantitative Data Analysis Process, Sampling and Simple Size, Interviewing and Questionary Design, Reliability and Validity of Data)
Research LimitationsTime Schedule (Research plan)ConclusionReference ListAppendix

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