New Business Models: Rocket Science

Abstract

In Chap. 2 we looked at the impact that big data is having on companies’ ecosystems and business models. We saw how, to take advantage of the opportunities offered by big data, companies need to adopt strategies that may vary from implementing a “digital fit” (to exploit the advantages of big data and seize the opportunities for improvement) to modifying its DNA (where the company goes through a transmutation that fundamentally changes its business model). In this chapter we propose a four-step methodology to help you understand how your business is being transformed as a result of the big data revolution so that you can take the necessary steps to adapt it to the new reality. In each step we suggest a framework to guide the exploration and explain how it can be used. We also illustrate each step with real-life examples, including from Space Tango—a small company dedicated to launching nanosatellites into space for research purposes.