Business Models for Big Data

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About Business Models for Big Data

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Description

Companies such as banks, insurances, search engines and social network providers increasingly collect substantial amounts of data about their users. This data can be used for many purposes, including recommending customers additional products or services, prediction of demand, and advertizing. Collection and usage of large amounts of data is also called Big Data. Both in academia and companies, Big Data is a hot issue.

Big Data imposes important technical problems, including efficient collection, storage and mining. This assignment however addresses another issue, namely business models for Big Data. A business model shows economic aspects of a topic of interest, in this case Big Data. Typically, a business model shows the enterprises and end users involved, including the objects of economic value transferred between these parties.

Business models for Big Data can be approached from at least two angles. First, there can be multiple ways to earn money with Big Data. Perhaps the most well known way is to earn money by showing advertisements to prospective customers. Such advertisement are highly targeted, as they are selected based on the known customer profile. However, other useful applications of Big Data exist, which should be inventoried in this assignment. Second, usage of Big Data itself can be considered as an industry, including collecting, storing, relating and mining of data, which in principle can be done by different companies as commercial services.

This assignment is about developing business models for both mentioned cases of Big Data. To represent these business model, the e3value modeling language is used. An important part of the assignment is about surveying the literature and the web for business cases of Big Data. Additionally, interviews with companies may be held.