Business Innovation through Open Data Name of the Student Name of the University Author Note Literature review Business innovation are the products, policy or the process that the organization undertakes that is thought to be the creator of it and is new in the business world. These innovations are done after long processes of researches that focus on the factors that are closely linked to structure, the needs of the customers, leadership, inventiveness and organizational learning (Sahut and Peris-Ortiz 2014). It is the capability of the business to retain their capabilities that will help the business in the process of innovation because it can be used to manufacture new products or technologies by satisfying the expectations of the customers (Dodgson, Gann and Philips 2013). Open data are mainly those that are published by the organization so that it enables the citizens to see them and analyze the contents on their own. It is done at a lower cost so that it can be used without any charge for any purpose as the process is automatic in nature (Kitchin 2014). Leading businesses such as Google has understood that they need new business models that will have free access to the data that they will provide, which will in turn help in getting a positive return on investment. It will also help in stimulating the rate of engagement with the consumers and developers. It will help economically as the contribution will help in overtaking the open data that is provided by the government. Opening up of data will help in collective business behaviors, which will help the organizations to optimize their network of supply chain by enabling the service and production elements to be more efficient (Johnson 2014). The engagement of the customers will be inspired largely due to the open data services. It will help them by collecting the data, which will help them in benefitting from the economies of scale. By combining the regulatory pressures with the commercial opportunities, the business will help in providing the data back to the customers, which will help the new and existing customers to find out the best deals offered by the company (Zuiderwijk et al. 2014). The customers that value the environment will put pressure on the organizations so that they become transparent about their business dealings with respect to the corporate social responsibility. Businesses like Enel and Nike publish their data to maintain transparency with the customers and to be sustainable in nature. These organizations benefit as they help in building a positive brand image, which helps in improving the engagement with the customers and gain the confidence of the shareholders (Jetzek, Avital and Bjorn-Andersen 2014). The increase in the volume and complexity helps in the openness to challenge the regulatory that is on current basis so that it helps in protecting the privacy of the organization. The policies and the practices will help in creating a new environment for the protection within the organization. The intention behind publishing the data will help in benefitting the people in the future (Chesbrough 2013). The business and other organizations that want to open up its data to the public will first have to identify the hazards and the potential benefits that needs to be mitigated and achieved. The organization will try to conduct experiments on a smaller scale so that they can realize that the datas may not harm the organization when it will be released in the future (Dwivedi et al. 2016). The reasons for opening up the data to other public sector companies by the government will help in improving the public services and its outcomes. It will also act as guidance to the wide range of activities that are taken up by these bodies. The reasons for the public sector bodies to need the datas help them in measuring the performance and allow benchmarking within the organization. It helps in taking better strategic decisions, which will improve the productivity and efficiency of the public services (Zimmermann and Pucihar 2015). The other reasons, which are related to opening up of businesses require these datas to generate competition in the market, as it will help in making its presence felt in the market. It will also help in improving the business decisions within the organization. The reasons that are required for opening up to the citizens help in demonstrating transparency and anti-corruption measures. It will also help in building up of trust and improve the reputation of the organization. The reasons for the company to open up their data to the citizens will help in building the personal statuses as they can reuse the data on a timely basis. The citizens can satisfy their levels of curiosity by reviewing the datas and choosing the best deals from there (Markman 2016). It also has certain negative sides to it as well. From the point of view of the government and the public sector bodies, it may lead to the loss of revenues, which can be in particularly with the trading funds. The level of scrutinization in all the departments will increase due to the increased review of data by others. The organization has to incur huge cost in maintaining the data appropriately and accurately. The reasons that will lead to a disadvantage if the datas are conveyed to other businesses can result in the loss of revenue such as the loss of trading funds and awkwardness in the quality and content of the data (Chesborough, Vanhaverbeke and West 2014). There are also disadvantages if the data is opened to the citizens, which might lead to lack of awareness of the content with respect to the organizational behavior and its dealing with the citizens. The use of open data strongly encourages the partnership between the business and the government, as it helps the government to draw on the capabilities of the businesses by analyzing and managing the data with the help of strategical expertise. It offers informational services to the government, which helps in reducing the cost and effort that is incurred by the different departments that helps in collecting the assets that is datas. The level of accuracy has to be maintained so that it will result in making few errors with the help of analytics, which helps in reducing the chance of fraudulent activities going undetected (Zimmermann and Pucihar 2015). The datas pertaining to the business will help in enabling new business models, which will enable everyone in accessing the datas including the competitors. The data has to be available to everyone and will be charged for its use commercially. The open Data Institute that is present in United Kingdom has analyzed with the help of more than 250 companies, which invests or produces in open data that the companies make an annual turnover of over £90 billion ($121 billion). This has showed the increase in the potential value of business by using open data. In UK alone, companies of different sizes and shapes use this open data method along with the startups and the young companies. It was seen that around one-third percent of the companies were more than ten years according to their date of incorporation (Janssen and Zuiderwijk 2014). The innovation strategies that the companies across the globe has taken taken up has helped them in exploiting the gaps that are present in the market and in identifying the business opportunities, creation of new products and services and development of new models in their business lines. The strategies helped the companies in finding a niche market by the startup companies through open data, which helped them in disrupting the flow of products in the products. It also acts as a challenger and innovator in the market, as it competes with the rival firms who have not adopted the new business models. These companies apply the concept of open data in the new products and services that are being manufactured by them by exposing the various opportunities that are present in business (Chan 2013). It also helps by bringing social, environmental and economical values through open data. The open data startups help in combining the innovations in business with the intention of creating impacts with respect to society, economy and the environment. Many enterprises such as micro, small and medium-sized are building up the movement with respect to open data, which has helped them in exploiting it for their business needs. This has encouraged the companies to develop their products as well as giving consultancy services by professionals in handling open datasets for the other companies. For example, a company called GeoLytix provides consultancy services to market retailers, banks and property developers through the help of open data. One of the partners of the company had stated that they provide a better quality of data analytics to their customers by using the open data method. It has helped several small companies that did not have the capacity to build their datasets on their own. The open data products had allowed GeoLytix to build a better brand image in the consultant sector, which has helped them in broadening their base of customers. This has also led them to contribute to the environment and has improved the quality of open data stupendously (Walravens, Breuer and Ballon 2014). Another clear example may be Shoothill, a company that specializes in online mapping and solutions for visualization of data. It had developed open data products when the Environment Agency of UK had commissioned them a task to integrate the risk of flood in the street maps that are present in the web. The company had stated that the local people of the place had engaged with them so that the systems can be built by using part or whole datas and mixing it up with the different datasets so that they can produce something useful. Companies that use open data have to rely on a wide range of datas from the government and non-government sources. Government data are used by most of the companies that rely largely on the open data, as the government provides it. The Open Data Barometer had published a data that puts UK as one of the top countries because it has around 15,000 datasets that were published with the license with respect to Open Government (Chan 2013). Almost half of the companies rely on non-governmental data sources as well, which includes the data that are generated by the businesses. This phenomenon helps in understanding the concept of sharing economy as the companies co-exist in the market by reflecting on the datas that are created by each other. Different types of open data Geospatial data- This type of open data is very common in United Kingdom as most of the companies rely on this type of data. The companies have access to the data that is provided by the government. Open licensed companies such as OpenStreetMap commonly use the sources that are related to non-government. Transport data- This type of data is also very popular as it includes the data that is provided by the government with respect to live traffic and CO2 emissions and the non-governmental data with respect to transport. Environmental data- These kind of data is also used by the open data companies as they rely on the Meteorological Offices and from the Environment Agency. Demographic data- This type of data is valuable for the company and especially the census, as it helps in manufacturing the products and services by the firm (Alexy, Bascavusoglu-Moreau and Salter 2016). There are several challenges with the use of open data. These datas are not always in the accurate state or current in nature. The datas are sometimes inaccessible as the format is done in the machine. The license of these datas does not always allow to be used commercially as it cannot be traced back to its source. 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