Data-Driven Business Model Innovation: About Barriers and New Perspectives

Abstract

Today, data are increasing in importance for firms trying to create and maintain a competitive advantage. As value creation is highly dependent on this key resource, data, the necessity of re-designing firms’ business models arises. By conducting and analyzing 58 in-depth interviews, we contribute a distinct set of barriers to data-driven business model innovation showing how data-related, technology-related, aversions and regulatory hurdles are the most challenging. Based on six focus groups that discussed these findings, participants identified the necessity for a change in companies’ firm-centered perspectives on business. Hence, we propose a model of data-driven business ecosystems that aims to provide guidance for conducting successful business in a data-driven world.