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New Opportunities from Data – DATASTEP Helps SMEs Take the Next Steps
More data is being generated than ever before. For businesses, however, the challenge is not only the growing amount of data, but above all how to turn data into something useful – supporting business development, creating new services and enabling growth.
In the data economy – a global ecosystem where data is collected, organized, and exchanged by companies and institutions to create economic value – Small and Medium-Sized Enterprises (SMEs) can benefit from turning data into strategic information, create data products, and adapt their business models to benefit from this data exchange. To derive value from this there is a need for accessible data and the skills to take part in the data economy.
The DATASTEP – Growth from the data economy in Uusimaa project addresses this need by strengthening SMEs’ capabilities in the data economy and helping companies use data more effectively to develop their business.
What does the data economy mean for businesses?
For many SMEs, a first step may be to improve the use of the data they already have within their own operations. However, this can raise many questions: What kind of data is available? How can it be used to create business value? Where can suitable technologies or partners be found? And how should new ideas be tested in practice?
Frank Nyamahowa
The DATASTEP project aims to address these questions by providing companies with support, opportunities to develop their skills, and access to different testing environments and infrastructures.
As the DATASTEP Project Manager Frank Nyamahowa explains:
“Data itself does not create value – value is created when data is turned into strategic information and connected with real needs, expertise, and new business opportunities. The goal of Datastep is to make the data economy a more integral part of business development and help more organisations discover how data can be transformed from ideas into practical solutions.”
Location data is an important part of the data economy
Location data is one example of data where technology, analytics and practical business needs come together. Location-based information helps us understand, for example, human mobility, environmental changes, infrastructure or customer behavior.
When location data is combined with other data sources, it can enable new services and solutions that support better decision-making. At the same time, the value of data increases when it is discoverable, accessible, and interoperable with other datasets.
The expertise of the Finnish Geospatial Research Institute (FGI) and the services provided through Location Innovation Hub help companies make better use of data, technologies and experimentation as part of the DATASTEP project. DATASTEP also strengthens the capacity of existing European Digital Innovation Hubs (EDIHs), such as Location Innovation Hub, to support businesses through the European Digital Innovation Hubs network.
“For companies, it is not only about gaining access to more data – it is about finding ways to use data to solve real business challenges. This requires both technology and a deeper understanding of the opportunities data can create,” Nyamahowa says.
Test, learn and develop – you do not have to build data solutions alone
One of the goals of Datastep is to make it easier for companies to access different testing environments. These testing environments or “sandboxes” allow companies to experiment with new technologies and develop data-driven solutions before making larger investments.
Examples include testing environments provided by Location Innovation Hub and other hubs in the EDIH network, as well as other European development and experimentation environments such as AI Factories and Testing and Experimentation Facilities (TEFs).
Practical resources will also be developed to support companies. An upcoming guide, to be published in autumn, will help companies understand the opportunities of the data economy and identify concrete ways to move forward with data utilisation.
The project will also include training sessions, webinars and an event planned for next winter, bringing together companies, experts and data economy actors to share experiences and find new collaboration opportunities
A good way to start is by understanding your current situation. Location Innovation Hub provides a free Digital Maturity Assessment (DMAT) tool, which helps companies and public sector organisations assess their current level of digital maturity. The assessment covers areas such as digital strategy, information management, automation and the use of artificial intelligence. The results help identify development needs and define the next steps towards making better use of data, automation and AI.
Frank Nyamahowa emphasises that experimentation plays an important role:
“Experimentation helps companies move from ideas to practice. Even a small-scale experiment can reveal new opportunities for where data could create business value. When a company understands its current situation, it becomes easier to identify the next steps for development.”
Would you like to know how your organisation could make better use of data? We can help you assess your organisation's current situation, identify development opportunities, and find the right services, tools and testing environments to support your journey towards the data economy. Contact the Location Innovation Hub.
DATASTEP is co-funded by the European Union through the Helsinki-Uusimaa Regional Council, and the project partners are the National Land Survey of Finland/FGI, the City of Helsinki/Business Helsinki, the Foundation for Finnish Inventions, TIEKE Finnish Information Society Development Centre, and Arcada University of Applied Sciences. The project runs from 1.1.2026 to 30.4.2028.
