What Awaits Big Data Business Models in The Future
Bangalore: We often hear about Big Data business models. But have you ever thought about what could be the reason behind creating these models by spending huge amounts of money? Jonathan G. Geiger, executive vice president at Intelligent Solutions wrote on information-management that the logical big data model is useful for confirming that the business needs can be met and preferred navigation facilities are provided. The model basically provides an understanding of the business, the project, and this helps to improve the communication between the data modelers, IT representatives and stakeholders. It also gives an idea about what the customer demands and ways to improve it.
However, the advancement of big data in business brings a huge number of opportunities for understanding customers and their needs. It also brings along the potential of realignment and disruption. Organizations can also avail the opportunity of strategic differentiation in this era.
But R "Ray" Wang, Principal Analyst, CEO, Constellation Researches sees three main approaches coming up from the emerging new business models. He lists them on the HBR blog:
1. New experiences- Big data offers many opportunities for services that will help improve customer satisfaction and provide relevant information. One such organization is Google; its AdSense advertisement shows what actually users are looking for. Map services provide information's about where you are going. You can even trace your courier and know about its current status in a minute.
2. Information based on brokering- Some organizations like Bloomberg, Dun, Experian and Bradstreet are selling raw information, providing standard services and also deliver analysis with structured data foundations. New types of brokers address new unstructured and open data sources like social sites, chat and video. Information brokers maintain this data and sort out users by age, location, interest and other available categories to deliver analysis and insight.
3. Delivery Networks- All the information that has been gathered has to go to the right person who can use it in the proper sense. Content creators are the brokers and information providers who seek in as many ways as possible. The bulk of the content will help in delivering offers in advertisements, relationship, location, time, sentiment.
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