The dynamics of the social and technological environment, as well as the significant volume of data generated, affect strategic decision making every time. That’s why data analysis tells us about business models, what their types are and the best ways to understand them.
Purchasing and processing capabilities have allowed data analysis to evolve -from the recording of what is happening in the company, to its products and services- through descriptive analytics can explain why this happens, generating a diagnosis, giving the possibility of making projections.
Should you submit your company’s data analysis to determine your business model?
90% of business executives do not question the business model in their companies. Thinking about developing innovative models or examining other types of existing businesses is one of the most important tasks that must be carried out by all those responsible for Startups, SMEs or consolidated companies.
What is a business model?
The business model refers to the way in which the company creates, captures and offers value to its customers. In other words, it is the way in which the company creates value for itself and for its clients by transforming raw materials into a finished product and selling the final product to the customer.
For any company, innovation or start-up, an appropriate business model is needed, especially in the case of newly created companies. Innovation can refer to the offering of a product or service in a novel way, which converts novelty into economic value.
Key data to be analyzed in business models:
Generally, entrepreneurial companies are more prepared to accept that risk than a large and well-established company, since they are willing to take risks and understand the importance of flowing with data analysis in the variables of the business models.
A change in the business model is often encouraged when it becomes evident that the current one is not going well. So dare to innovate and look for a business model that is effective.
Written by: MEILY CHANG BREINDEMBACH