Doing business with data the basics of data-driven business models (i) – we speak iot gas evolution reaction

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Data-driven business models are about using data from operational processes and transforming it into business values. A mere improvement of current business processes – with intelligent data analysis, for example – is not yet a data-driven business model. The goal behind data-driven models is rather to sustainably renew business models or to generate completely new ones.

Generating sustainable value from data requires a strategic approach that takes into account new business models and adapted business processes. gas house pike frederick md There is no “golden formula” for success. Every organization must find its own way to monetize data in a sustainable manner. gas lighting urban dictionary But many will follow similar ideas and designs and pursue similar goals.

The direct sale of data is a first approach to monetizing data without any major effort. In this model, a company benefits directly from its raw data by selling it unprocessed to interested parties, such as customers. For legal reasons, it is important that the data are sold anonymously and that no conclusions can be drawn about specific persons. For example, companies can sell customer data to commercial market research institutes. If the data contain customer information together with purchasing behavior, market researchers achieve more valid results than pure surveys.

Selling data can be worthwhile: According to a calculation by the Financial Times, companies currently receive around 60 US cents for the data profile of an average person. A package of a thousand similar profiles, enriched with information on demographics such as age, place of residence, wealth and interests, would be worth around 600 euros according to the FT calculations. 2nd model: Product and service improvement

The second model uses data to improve or renew existing products and services. This is the principle of the product innovation model. static electricity bill nye full episode Here, information generated from the sale and use of a product (or service) is used to supplement the original product. In the simplest case, this is done by adding a simple additional feature. gas pains 6 weeks pregnant Alternatively, a completely new solution is also being developed. The latter usually leads to the most lasting benefit, since innovative solutions often become independent products that are less dependent on the original product.

For example, a bank can use its data to improve its existing products – or create completely new offerings. For example, it can develop an app based on customer data or a dashboard for an output overview. This service can only be generated using the insights gained from customer data and can be offered in addition to existing online banking. Through the use of both services, these are further developed by means of data analysis. The dashboard can also be used separately from a bank account of this institution. Customers of other banks can also use it to keep a better eye on their expenses. 3rd model: Commodity swap

The data can then be used to provide services to consumers. For example, a personalized web portal can be set up. Or variable daily tariffs can be offered to stimulate electricity consumption in times of low capacity utilization. 2 chainz smoking on that gas The energy provider saves money by reducing peak production capacity and generates additional revenue by charging a small subscription fee for the service.