It is nothing new, and you probably have already read articles explaining how data is becoming a business. Your phone company, your favorite grocery stores, your car manufacturer, your electric company or your web browser have been storing data about you, your internal processes or about your relation with others for years.
There are well known technological companies, popularly known as GAFAs (Google, Apple, and Facebook & Amazon) that monitor our actions in detail to offer us a great variety of services and advertising.
Maybe we have not yet asked ourselves whether it is just a particular tendency of these companies or if it is a habitual practice. In ZABALA, we did researched this some time ago, and the reality is that we have found firms in different areas that despite storing large amount of data about their clients or their processes, they really do not know what it is and what they can do with it.
Let’s put ourselves in situation. A supermarket chain stores data about its client loyalty cards as the consumption and purchased products carried out. At the same time, it stores data about boxes such as which is the one that bills the most or which is the most returned one. If there exits fraudulent behaviors with such returns, could a system detect suspicious behaviors crossing data?
Another example could be a car manufacturing. It has data about the sensors of its production chain and historical data about its repairs. Could it be possible making use of such data develop an automatic forecast of maintenance that enables minimizing the repairs of the production elements?
Let’s also think about the smart meters we have in our homes. What would happen, for instance, if a system was able to detect when a person has any health or mobility problem or even an emergency coming from an unusual pattern in its consumption in real time?
Through EDI we will help companies like the aforementioned to become in data suppliers so that they solve with them the coming challenges. This incubator will finance 140 small and medium enterprises and start-ups from all Europe. The project counts with 5 million euros that will be totally dedicated to this objective. Participating companies will be able to obtain up to 100.000 euros of financing to sunk costs.
This project counts 15 organizations integrated in the project consortium that will act as data suppliers so that start-ups will be able to develop products and services applications. Moreover, they will have the support of another 5 entities (Universidad de Deusto, ZABALA, F6S Network Limited, Engineering Spa, EtVenture Startup Hub), that will offer free services so that these start-ups improve their business plan, their ability with Big Data tools, or even that they get additional investments.
The first challenges for EDI are already defined and in spring the first call for the European start-ups will be launched. Those resulting selected will start to work in September 2018 in a “datathon” that will take place in Berlin.
From ZABALA, we count expertise in management and sectorial projects coordination and Big Data, as it is the case for the European project ROMEO that will develop forecasting models about machine learning to reduce operational and maintenance costs in marine wind farms. Also, in the service provision for start-ups as the concluded FINODEX or the recently started IRSUS.
Finally, if you belong to an organization that manages data or wants to become in a supplier of them, do not hesitate to put in touch with us. As the statistician Deming said, “In God we trust, all others must bring data”.