The Data Innovation Accelerator could help your business leverage data to generate new opportunities.
Data is everywhere. It is being collected by businesses every time they make a sale, manufacture a product or improve their services for clients. Business data is therefore a resource that all companies have, yet not all understand the value of. How can you harness that data to benefit your business?
The Data Innovation Accelerator (DIA) team helps companies in Wales identify and realise the power of their data – from helping engage better with customers, to forecasting sales and demand, or simply getting an objective evidence-based ‘truth’ of how your business is performing.
What is the DIA?
Part-funded through Welsh Government by the European Regional Development Fund, the DIA’s data science team works with businesses to tackle real challenges.
The DIA supports SMEs in East Wales, helping them to apply data science techniques to benefit the future of their business, whether that’s identifying challenges at an early stage, or reviewing production processes.
The East Wales region covers the local authorities of:
- Vale of Glamorgan
How can the DIA help your business?
If you’ve ever wondered how you should be using your data to improve your business, the DIA can help answer those questions through a ‘data innovation health check’ and a collaborative project. They have completed health checks for all types of businesses from online retail to Know-Your-Customer services, and from energy and utilities consultancy to digital media production, right through to organisations that didn't even see themselves as being data-driven.
The data science team will carry out a health check that is bespoke to your business. They apply the latest data science techniques and make authoritative recommendations, tailored to your needs and interests – leveraging your existing data to generate new opportunities, products and services.
Ultimately, the health check can aid decision making and future product development at your company, helping you harness innovative data techniques on an ongoing basis.
Collaborating with the DIA
After the health check, companies will be invited to propose ideas for a collaborative project with the team. This could be based on real problems facing your company, ideas you want to explore further, new products or updating your processes.
If the plan is approved by the DIA’s management board, you are then invited to plan a project with the data science team.
Work will be distributed evenly between both parties and companies will meet regularly with the DIA to update each other on progress.
Through these projects, the DIA aims to help companies improve their use of data, expand their knowledge of data science, and provide a solution that helps companies improve their processes or products.
What can data innovation help businesses do?
- Forecast sales and demand
- Visualise data to gather insights quickly
- Process and analyse large amounts of textual data – such as product reviews
EatSleep Media, a South Wales-based media company, used the DIA to boost engagement with their content.
“We wanted to find ways and means of finding audiences we don’t quite have access to yet” said Daniel Harris, Commercial Director of EatSleep Media.
Through collaborating with the DIA, the company launched ‘Ballers’, a platform for women’s football content aimed at 15-25-year-old girls and women. The team worked with the DIA to find out more information about this audience and their interests in order to tailor content to them.
“The techniques we’re learning from Ballers will hold us in good stead for going into other markets and industries as we grow post-Covid.
“We can start implementing this data in the real world and explore other avenues as we grow as a business.”
The Data Innovation Accelerator is part-funded by the European Regional Development Fund through the Welsh Government