Abstract
Smart Data is defined as data that has been transformed into information for decision making and action cycle. This suggests that Smart Data is related to information, which enable the companies to act and decide rather than to be overwhelmed with a large volume of data.
As the volume of available data has significantly increased during the recent years, discussions about how data can be used efficiently for business has attracted the attention of business community and marketers to exploit business potentials based on data knowledge. The available data can provide companies to develop further understanding and knowledge of key factors that have an impact on business performance such as the market trends, consumer behaviour, trade partners and suppliers, and competition. In fact, the majority of companies are overwhelmed with data and finding it challenging to efficiently use the same for meeting business objectives. However, the existent frameworks do not cover a strategic approach towards Smart Data which is the research gap. Based on a survey of 4000 (N=406) professionals working in the durable consumer good and ten semi structured interviews with various professionals from the industry in Germany, the study found that, whilst the data is now considered as a business asset, companies are keen to benefit from the opportunities provided by accurate, reliable and timely data, however, they are not fully aware of the importance and contribution of Smart Data. The process of this study started with and extensive literature review on which base the Conceptual framework was designed and developed. As a next step, the quantitative study was carried out which was followed by the qualitative study. On the basis of all those findings, the Smart Data framework has been developed. This framework has been verified by five Data Analytics experts and five professionals of the industry.
The aim of the study is the design and development of a Smart Data framework for durable consumer goods companies in Germany. The design and development of this framework contributes to knowledge and practice.