This next wave of innovation will disrupt existing markets and create new business models that are built on having better access to information and a better understanding of market behaviour.
Data is already changing the DNA of business. New Scottish businesses are being born with data at the very core of their being – companies like Skyscanner and FanDuel that rely on having access to large volumes of data to provide a better understanding of market behaviour.
Encouraging even more Scottish companies to use data in a similar way will increase their competitiveness and agility. There’s an estimated £18 billion of productivity and innovation benefits to be realised, as well as an additional £500m annually in exports for Scottish companies that embrace data to enhance their operations.
Each of the data-driven innovation partners brings expertise and support to help companies understand how best to deploy data-driven innovation, and which skills and resources are needed to maximise its impact. With a range of new services and an expanded programme of events planned for the next three years, there is lots of advice and practical assistance available to help use data effectively.
The first new service, ‘Data Driven Competitiveness, will be launched by Scottish Enterprise later in the year and aims to help businesses use data to optimise operational efficiencies, connect with suppliers and partners for a wider business view, and gain new insights into customer behaviours and needs that could drive business growth in the future.
Also part of the programme is a new marketing campaign later this year from Scottish Development International to promote Scotland’s strengths in data science in California and London to help increase international trade and foreign direct investment into Scotland.
With around 150 companies and a combined turnover of £1 billion, plus world-leading data innovation assets like the Edinburgh Parallel Computing Centre, Edinburgh University’s School of Informatics and the Higgs Centre for Innovation, Scotland already has a vibrant and growing data sciences sector.
Companies like Asystec, Brainnwave and Intel are choosing Scotland as a business location and partnering with Scottish companies, demonstrating global confidence in Scotland and representing a rich source of data-driven innovation suppliers and partners for Scottish businesses.