@article {1190, title = {How to Build Competencies for a Data-Driven Business: Keys for Success and Seeds for Failure}, journal = {Technology Innovation Management Review}, volume = {8}, year = {2018}, month = {10/2018}, pages = {18-28}, publisher = {Talent First Network}, address = {Ottawa}, abstract = {Data analysis to create deep understanding and insights holds vast potential for innovation, but there is a severe shortage of data scientists. How then can a company create the competencies needed to obtain a competitive edge in the era of data-driven business? This article describes {\textquotedblleft}Data Driven Business{\textquotedblright}, a program developed to coach company teams in Finland in the use of an innovation platform combining data analysis and service design using real-life case projects. The results suggest that this approach is an efficient way to build data-analysis competencies in a company: after taking the 14-week coaching course, 58\% of the participating companies had launched a new product or service in the market within six months from the end of the course. After the program, a network called DOBit was established to share experiences among the members and to leverage data analysis and service thinking in society. This article describes the development and implementation of the course, its results and outcomes, and the keys for success and seeds for failure when attempting to build competencies for a data-driven business. }, keywords = {best practices, case projects, data analysis, data-intensive services, design thinking, experiences, innovation platform, service design, service thinking, team building}, issn = {1927-0321}, doi = {http://doi.org/10.22215/timreview/1190}, url = {https://timreview.ca/article/1190}, author = {Jyrki Koskinen} }