Data and Analytics - Data-Driven Business Models: A Blueprint for Innovation

Abstract

In this paper the authors present an integrated framework that could help stimulate an organisation to become data-driven by enabling it to construct its own Data-Driven Business Model (DDBM) in coordination with the six fundamental questions for a data-driven business. There are a series of implications that may be particularly helpful to companies already leveraging ‘big data’ for their businesses or planning to do so. By utilising the blueprint an existing business is able to follow a step-by-step process to construct its own DDBM centred around the business’ own desired outcomes, organisation dynamics, resources, skills and the business sector within which it sits. Furthermore, an existing business can identify, within its own organisation, the most common inhibitors to constructing and implementing an effective DDBM and plan to mitigate these accordingly. Within the DDBM-Innovation Blueprint inhibitors are colour-coded and ranked from severe (red) to minor (green). This system of inhibitor ranking represents the frequency and severity of inhibitor, as perceived by 41 strategy and data-oriented elite interviewees.

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