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Question: Discuss About The Business Innovation Through Open Data? Answer: Introduction This research program has been conducted on the topic Business Innovation through Open Data. Open data is widely used by businesses for enhancing the performance of the business. Increasing use of open data in the business environment has changed the manner in which business uses data. The efficiency of business gets improved with the use of open data. This research will discuss the concept of open data for developing knowledge regarding this concept. It will also discuss the use of open data by business for enhancing its performance. Project objective Project objective has been decided for guiding the efforts of the research program in the right direction. This research program has been executed with a motive to analyze the role of open data, develop an understanding of open data and its contribution to enhancing the performance of the business. Business is using open data for making changes and adopting the changes taking place in the business environment Project scope The scope defines the aspects which will be covered in this research project for developing a better understanding of these aspects. This project will cover the discussion regarding the concept of open data and increasing use of open data by business. The discussion will be made reading the open data forming a base for business innovation. Businesses are using open data as it has contributed towards the growth of the business. Literature review According to McKinsey Company (2013), Open data can be explained as the data which is freely available to everyone and can be used for enhancing the performance. There is no restriction on the use or use of the open data available for the use of the public. Open data is being promoted in this dynamic business environment for the purpose of promoting transparency. Open data has provided support to the business operations by providing valuable information to the business. The impact of open data can be seen in the growth of the business as well as enhancement in the efficiency level of the business. Open data has created an impact on the economy, society, and performance of the business. Open data has provided an open source, open content and open access to the business which has helped in gaining better and deeper knowledge and making decisions in a decentralized manner. The impact of open data can be seen on participation, innovation, self-empowerment, transparency and democratic co ntrol, improved products or development of new products and better decision making (Lakomaa Kallberg, 2013). Open data has been made available free and without any restrictions for promoting transparency, efficiency, and innovation. Sharing of the data has reduced the wastage of resources by avoiding duplication of efforts and resources. Use of open data by the business has resulted in providing new opportunities to the business. Value of the information has increased due to open data and it can be utilized by the business for implementing innovations. Different companies are using open data with a motive to develop innovative products for the fulfillment of the gaps identified in the market, generating better results and increase the profits (Zuiderwijk Janssen, 2014). Open data is being used by the companies with a motive to gain the advantage of the gaps identified in the market. These gaps help in identification of the opportunities available in the market and result in innovative products or services produced by the business. Most important aspects of open data are its free availabili ty for all (Shadbolt, et. al., 2012). For example, OpenCorporates is the biggest open database of company information of the world. It has incorporated the data of more than 98 million companies in numerous jurisdictions. Detail of every corporate entity can be retrieved from the open data of OpenCorporates (Jee, 2016). In the words of Juell-Skielse, et. al. (2014), different sectors of the business environment are using open data for bringing innovations in the products or services or in the manner business is operating. These different sectors include education sector, business and legal services, food and agriculture, healthcare, governance, energy, finance and investment, transportation and housing and real estate. With the improvement in the open data available has helped in providing better opportunities to the business. Open data has formed a base for the growth, development, and innovation in the different economies of the world. Business needs information related to the customers, competitors, business environment, different elements present in the external environment of the business, suppliers, and society. Open data has enabled the business to gain information related to all these aspects for enhancing the performance by adopting an innovation. Open data has enhanced the usability of the data for the business (Jetzek, et. al., 2014). For example, FoodTrade which is an online platform used for bringing more than 1600 local food producers for the purpose of the map down the supply chain and enhance transparency with the customers in the food sector. Food Standards Agency data has been used by FoodTrade for ensuring that the menus are complying with the rules. This has acted as an innovation in the sector (Jee, 2016). According to The World Bank (2014), use of open data has enhanced the growth rate of different industries and bringing innovation in the companies operating in the different industries. Use of open data has contributed towards the potential economic value, providing benefit to the customers of the business, enhances the opportunities available to the business, enhances the accuracy of the information and brings innovation. Businesses are using government open data and use of this government open data helps in identification of the opportunities and threats. Open data has increased the efficiency level and reduction in the cost which has acted as an innovation process bringing innovation in the business. For example, UPS has used open data for deciding routes for the drivers of the company. Open data has acted as a driven force for the innovation and creation in the business. Other advantages of using open data to business include enhancing the reputation of the business, reaching cus tomers in an effective manner, customising the products or services as per the needs or expectations of the customers and better decision making (Gayler, 2012). Different views have been presented by different authors on the use of open data. The government of different countries is providing open data to the companies to encourage innovations in the business. Data is an important element for business which shapes their performance and chances of growth and success. Innovations take place from the gaps present in the market. Information needs to be gathered related to the market for analyzing the reasons behind the gap (Omidyar, 2014). These reasons enhance the chances of innovations in the business. New ideas are created for meeting the expectations of the customers which gives birth to innovation. Different types of innovations take place due to the free availability of information. On the other hand, open data has created an adverse impact on the confidentiality of the business. It has also affected the reputation of the business in a negative manner. Several risks can be faced by the business as their confidential data can be seen by oth ers and use by others for their interest (Castro Korte, 2015). As per the report of Deloitte (2012), a new start is offered by open data in the form of economic reform and enhanced productivity. The availability of wide data free without any restriction results in use and reuse of the information for implementing changes in the business. Quality of the products or services can be increased with the use of information available. Open data has created different elements of the economy in a positive manner. It has promoted trade, enhanced employment level, reduction in corruption activities, promoting the growth of private sector, enhancement in the investment, financial regulations and economic growth. On the contrary, there are few complexities available to the open data innovations which can adversely affect the business (Asia News Monitor, 2014). These complexities include changing aspects such as legal environment, technology, and trend. Business must be capable of using the open data available in an effective manner for innovations. The conce pt of open data can create harm to the confidentiality of the business which can result in financial loss or affect the reputation of the business. Use of the open data cannot be predicted by anyone as the use depends on the manner in which individual or business uses the information (ENPNewswire, 2014). Research programs are conducted by the businesses for collecting data related to the market or the needs and requirements of the customers. This need of business is met by open data which is available to business and enhances the performance of the business. Open data has reduced the efforts of business for conducting research for the analysis of the trend of the market and collection of information related to the competitors. Innovation is an important aspect of business which enhances the manner business is operating as well as enhances the customer base of the business. Innovations and improvement in the existing strategies are the objectives of the business which can be easily attained with the help of open data (Janssen Zuiderwijk, 2014). Companies operating at international level require data related to the international market they are operating in. This need of the business is fulfilled with the help of open data. It has strengthened the capabilities of the business. For exa mple, Spend Network is providing services of data analysis for the forecasting of pricing and timelines of the business. It has helped in making the business understand the trends of the market and identify the opportunities for gaining the advantage of these opportunities (Jee, 2016). Open data can be used by the businesses for analyzing their own performance and satisfaction level among the customers of the company. Business can innovate the products on the basis of the information collected. Open data can be used by the businesses for the purpose of identification of the potential market for the business. Business requires information for making decisions regarding the operations of the business. Access to open data has provided new opportunities to the business. Open data has helped in the analysis of the need for new products which can be produced by the business for bringing innovation (Lakomaa Kallberg, 2013). It has removed barriers for small businesses as it is difficult for small business to conduct research activities for the collection of data related to the changing aspects of the business environment. Entry procedure for the small business entering the market has become easy due to the open data. For example, an application Cropp was developed with a motive to alert the farmers regarding the status of the crops grown on their fields (Jee, 2016). Information is the most important asset for an organization as this information helps in the implementation of changes and innovations in the product. Open data is a store of information related to different aspects of the business environment. Open data has provided support to the innovative services and applications. For example, transportation related data is openly available which has been used by developers for the purpose of developing innovative services. Google, Openstreetmaps, and Uber have used open data for providing innovative services to the customers (Jee, 2016). Government is providing support by encouraging the use of open data for developing innovative products or services. Open data has created an impact on the innovation process in numerous ways. Different opportunities are provided by open data to business and these opportunities include delivering better services at a low cost, stimulation of the growth of business as well as for economy, providing business insig hts for comparative analysis, engaging the industry and customers and providing new and innovative services (Smith, et. al., 2014). Business innovations are the result of problems or issues faced by the customers. Business analyses the problems of the customers with the help of open data for implementing the decision of innovation. Ideas for the new products are based on information gathered with the help of open data. Initiatives have been taken by the government for providing benefit to the business and people. Open data is acting as a catalyst for innovations. Businesses are capable of gathering data related to the potential markets. Open data has promoted transparency which has helped in a reduction in the corruption (Katzner, 2015). Customers are more aware of the information related to business. Improvement in the services offered to the customers is another advantage of using open data as it has provided information of the business. Innovation and economic value are the main targets of open data. Data can be collected for the identification of the issues which are present in the business environment. It is a less expensive way of collecting data related to the business and different aspects of the business. Market research activities incur a huge cost for business as well as consume time and efforts (Janssen Zuiderwijk, 2014). The contribution of open data can be seen in the form of increased productivity and capability of the business. More feasible decisions are taken by the business by using the information available on the open data network. A check is kept on the quality, authenticity, and reliability of the information which enhances the performance of the business. There are key five principles of open data which has promoted innovation and transparency. These five principles include providing high-quality data and in huge quantity, ensuring the usability of data by everyone, releasing data for innovations, offering open data and ensuring reusability of the data (Shadbolt, et. al., 2012) Conclusion Thus, from the above discussion, it can be summarised that open data has played a vital role for the businesses as it has enhanced the chances of growth as well as helped in identification of the gaps in the market. Open data has made a wide range of information available to the businesses which have provided an opportunity for the businesses to attain benefit from the opportunity. Innovations are taking place in the business environment due to the identification of the gaps in the market. References Asia News Monitor, 2014, New Open Data Project to Support Business Innovation and Transparency in the Caribbean,Asia News Monitor. Castro, D. Korte, T., 2015, Open Data in the G8: A review of progress on the open data charter, Center for Data Innovation. Deloitte, 2012, 19 innovative UK companies using open data | UK open data financial accounting , Deloitte. ENPNewswire, 2014, WB- New Open Data Project to Support Business Innovation and Transparency in the Caribbean,ENP Newswire. Gayler, M., 2012, Open Data, Open Innovation and the Cloud, Open Government Data Initiative. Janssen, M. Zuiderwijk, A., 2014, Infomediary Business Models for Connecting Open Data Providers and Users,Social Science Computer Review, 32(5), pp.694711. Jee, C., 2016, 19 innovative UK companies using open data | UK open data businesses, Techworld. Jetzek, T., Avital, M. Andersen, N. B., 2014, Data-Driven Innovation through Open Government Data, Journal of theoretical and applied electronic commerce research, Vol. 9, No. 2. Juell-Skielse, G., Hjalmarsson, A., Juell-Skielse, E., Johannesson, P., Rudmark, D., 2014, Contests as innovation intermediaries in open data markets, Information Polity, 19(3, 4), 247262 Katzner, T., 2015, Do Open Access Data Policies Inhibit Innovation?,BioScience, 65(11), pp.10371038. Lakomaa, E. Kallberg, J., 2013, Open Data as a Foundation for Innovation: The Enabling Effect of Free Public Sector Information for Entrepreneurs, IEEE. Lakomaa, E. Kallberg, J., 2013, Open Data as a Foundation for Innovation: The Enabling Effect of Free Public Sector Information for Entrepreneurs, IEEE, 1, pp.558563. McKinsey Company, 2013, Open data: Unlocking innovation and performance with liquid information, McKinsey Company. Omidyar, 2014, Open for Business: How Open Data Can Help Achieve the G20 Growth Target, Omidyar Network. Shadbolt, N., OHara, K., Berners-Lee, T., Gibbins, N., Glaser, H., Hall, W. Schraefel, M., 2012, Linked open government data.IEEE Intelligent Systems27(3), 1624. Smith, M.L., Reilly, K.M.A. Benkler, Y., 2014,Open Management Development Networked Innovations in International Development, Cambridge: The MIT Press. The World Bank, 2014, New Open Data Project to Support Business Innovation and Transparency in the Caribbean, The World Bank. Zuiderwijk, A. Janssen, M., 2014, The negative effects of open government data Investiating the dark side of open data,Proceedings of the 15th Annual International Conference on Digital Government Research.