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ownership of data

How to make most out of the data?

Lars Palmqvist is the Purchasing Director at AB SKF, heading one-third of the spend in SKF purchasing office globally.

“The industrial companies do have really similar challenges today. Especially the ownership of data is a topical issue in all companies. The digital hype is on and every company are digitalizing their processes doing different things in a technical point of view, but in the end, I think what is important is that who owns the data and who can make the best out of the data.”

“The Amazon effect that some companies are already using is a fantastic opportunity because today most industrial companies are staffing up quite a lot in indirect material purchasing offices. Even if they don’t have volumes that are really significant and they can leverage towards to suppliers, and to use companies like Amazon is a fantastic opportunity to get consolidation effect and you will have also hopefully quite a competitive pricing from these companies. At the same time, you have the risk management, the product compliance and all those sources are already secured from the risk management point of view as well.”

“My recommendation for those companies who are planning their digital transformation journey is to connect the digital roadmap to the business. What is the key priority for the business? What kind of problem to solve? Or what kind of opportunity the company likes to capture? Then start to look at what you need in terms of data and tools. Do not start from the other end, that here we have an available tool, how to use it?”

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