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Innovation of Business Model Type 5 Creation of Knowledge and Insights: Big Data technologies are used to provide more accurate information and insights to decision makers for strategic and tactical decisions. Big Data analytics enable business users to uncover new insights for the adaption of an organization's business strategy by asking key business questions [28]. This includes, but is not limited to: Who are my most valuable customers? What are my most important products? What are my most successful campaigns?
Source publication
This paper identifies and describes five types of value creation enabled by Big Data technologies. This was determined after performing a qualitative content analysis of publications from industry and academics. The five types are: (1) Optimization of Operations, (2) Enrichment of Operations, (3) Enhancement of Customer Experience, (4) Innovation o...
Context in source publication
Context 1
... Telefónica has launched a new, global business division outside its core business for the exploitation of new business opportunities based on Big Data. Scenario D1 (Figure 6) illustrates this type of value creation; the development of a new business usually requires investments and consequently rise costs. However, additional revenue streams are generated and thus profit is realized as soon revenue exceeds the cost. ...
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