- CJ OliveNetworks and CJ Freshway Consortium were selected in the final round for the pilot project to boost data brokerage.

- CJ Freshway’s B2B food materials transaction data and CJ ONE’s demographic data, which are being used to develop products, will be launched in November.

- CJ OliveNetworks and CJ Freshway Consortium will actively collaborate to create a data distribution ecosystem where businesses can coexist by providing data analysis and consulting support and free trends reports.

[CJ OliveNetworks = August 23, 2017 (Wednesday)] The CJ OliveNetworks Consortium (with CJ Freshway) will take up the 2017 Data Trading and Brokerage Pilot Project to create a domestic market for data trading and brokerage and spread a culture of openness in data distribution.
 
The 2017 Data Trading and Brokerage Pilot Project is a national policy project led by the Ministry of Science and ICT and the National Information Society Agency. The infrastructure for trading data is inadequate despite the utility and importance of big data today. Therefore, the project aims to improve the ecosystem for data distribution, including stimulation of trade and dissemination of open culture.

The CJ OliveNetworks Consortium was selected for this project in the final round. The project is worth a total of KRW 600 million and involves the collection of CJ Freshway’s data on B2B food materials and the CJ integrated lifestyle membership service, CJ ONE’s data, to develop food-related data products, support data trading and brokerage by setting up a distribution platform, and identify the best practices and support-customized services.

Based on CJ OliveNetworks’ big data analysis technology and know-how, food-related data products will be developed into food materials supply and consumption data.

“Food materials supply information” is the dataset analyzed by receiving CJ Freshway’s B2B transaction information such as data on sales and purchases of each food material. The information can be used to determine sales by region, the market share (M/S) for each product, sales by manufacturer, the price of each product, etc.

“Food materials consumption information” involves the collection and analysis of social data like food reviews on blogs or other websites, and CJ ONE’s demographic data. This information can be used to determine menu preferences according to the region, age, or gender, details about local businesses and transient vendors, and dine-out patterns.

CJ OliveNetworks’ food materials supply and consumption data will be released as a portal-type platform this November. It is expected to be used by food material suppliers who want B2B information on the food service industry, as well as small- to medium-sized franchises, small businesses, and start-ups.

With these data, food material suppliers are expected to be able to adjust the supply by forecasting the demand on a regional basis, restaurant businesses will be able to purchase efficiently through real-time price information on food materials, and food material distributors will easily locate businesses with high growth potential.

Moreover, there is a plan to allow anyone with extant data on food materials to register and sell such data on the distribution platform and support their merchandising efforts through data analysis and consultation. The plans also include contributing to a distribution environment where businesses can coexist by providing small businesses in the food service industry with free trends and analysis reports.

Through this project, CJ OliveNetworks hopes to secure public trust in its unique big data technology and gain a firm competitive edge in the big data market. Moreover, CJ Freshway aims to collaborate actively with its client businesses to achieve efficient operation by pioneering the application of big data in the B2B food market, which is underdeveloped in comparison to the B2C market.

“In preparation for the Fourth Industrial Revolution, using data, except for personal and confidential information by processing and trading them, will not only enhance the competitiveness of corporations but also bring about the revitalization of the big data industry,” said So-i Jeong, head of the Big Data Service Team. “As we have been selected for the Data Trading and Brokerage Pilot Project, we will actively support its implementation so that it will become the basis for the vitalization of data trading.” (End)