From Data to Business: A Paradigm Shift in Industry

Abstract

Digitalization is pervading all industries, and there is a good reason for that: it offers a vast number of opportunities to create value for customers. The question is: What makes a business model both innovative and viable? That is the question companies face when they launch new business models, and they should answer that question by following a structured approach and by using proven tools to thoroughly analyze existing business models. That helps them make adjustments, trigger new ideas for future business models, and concisely explain to stakeholders how the company creates value for customers. Digitalization is transforming value chains into complex ecosystems in which interaction with customers and suppliers takes place on various levels and at every stage of the value chain in complex ecosystems. At the same time, “The Internet cuts out the middleman.” That should be taken into account when developing new business models. Successful business models create value for customers and strengthen a company’s position in the value chain.