Role of big data in open innovation practices: The case of Serbian ICT industry

Abstract

Big data is the term for data sets that are characterized by great volume, variety, velocity, veracity, and which are very hard or impossible to capture, manage, store, and analyze with traditional data management tools. By engaging in open innovation practices companies interact with producers, suppliers, customers, competitors, academics, consultants, other companies, which enables them to collect large amounts of data from a variety of sources with greater frequency. Open innovation concept requires techniques and technologies with the ability to integrate, process and analyze both external and internal data sources and translate them into value. The aim of this paper is to show the role and importance of big data concept for companies which are pursuing open innovation practices with a special focus on Serbian information and communication industry (ICT). The results indicate that big data is becoming a reality within the Serbian ICT companies as 91% of surveyed companies responded that they have big data initiative planned or in progress. The primary data issues that drive investment in big data include the possibilities of analyzing data from diverse sources and analyzing new data types, which indicates that big data in surveyed companies is not about volume, but variety and velocity. Engaging in open innovation practices allows companies to gather real-time data, unstructured data, higher quality data, and more granular data and transform them into fact-based decisions in order to achieve higher quality products and services and more efficient operations. Big data concept is still in early development phase in surveyed ICT companies, with clear signs of increased awareness of its importance for competitive advantage.

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