There are three main ways to profit from the data revolution.
Source: Harvard Business Review
Interesting method of creating a business model by using big data. This article is about three models that are becoming more popular than others and how they are going about the process. One is through using results to create differentiating offers than others in your industry. Another brokers the information gathered. The third most popular method found is building networks to deliver data where and when needed.
The 3 Methods Broken Down
- Information Differentiation – Offer new services, customer satisfaction, give contextual relevance
- Information Brokering – Sell raw data, offer benchmarking, provide analysis and insight
- Information Delivery Networks – Support marketplaces, deal making, advertising
There are many ways to profit from using data as a business model. But you have to choose wisely as to which model you would prefer your business to use and follow. Take your time to decide, as using big data can really help you to get a head start compared to your competition.