The topic of business model innovation is more relevant than ever due to increasing awareness about the potential and possibilities of digitization and the use of Big Data as a key resource.
Our expert discussed both the ongoing and planned work of the Know-Center’s research area Data-Driven Business. In particular, how the center is focused on the research work of systematic identification and deciding on data-driven business model opportunities in the workplace.
Increasing Relevance of Data-Driven Business Model
In the area of digitization and Industry 4.0, data has become the new strategic resource for business model development. Data can be utilized in every element of a business model starting from value creation processes (e.g. improving production processes), enriching the value proposition (e.g. enhancing products with data-driven add-on services) up to value capturing (e.g. selling data or data generated information).
The development of data-driven business models (DDBM) thus requires expertise in several fields, like technology, data science, business strategy or ethics.
Although much BMI research has been done in this area, there is limited knowledge on how data functions as a business resource and how to support data-driven business model innovation with adequate, hands-on and easy to use tools and methods.
Know-Center’s role in the area of Data-Driven Business Model innovation
Therefore, Know-Center is working relentlessly on this topic and has also recently published a paper that entails the process of how to identify, and if necessary develop, a classification scheme which is useful to differentiate and compare between examples of a data-driven business model, and to think of opportunities for using data to innovate an existing or design a new business model.
This talk further stressed on the aspect of creating more awareness in the direction of knowledge creation both locally, i.e., within every single organization and globally, i.e., by research, within a shared body of knowledge in order to understand and design for knowledge-intensive activities in the workplace through Data-Driven Business Model Innovation.
For more detailed information on our expert’s talk, please follow this link.