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Seven Ways to Profit from Big Data as a Business

Data is multiplying at an exponential rate, generated by sensors, social media, transactions, smartphones, and a multitude of other sources. Naturally, companies want to tap into the potential of these vast, fast-moving, complex streams of data to achieve step-change improvements in performance. But they should set their sights higher. Big data, as a business in itself, could create billions of dollars in additional revenues that can go toward fueling growth.

Companies in a variety of information-rich industries are already generating entirely new revenue streams, business units, and stand-alone businesses out of the data they hold. Over the long term, there is strong potential for such data businesses to appear in even the most traditional industries.

There are seven primary business models that can enable big data as a business, each with their own pros and cons.

1. Build to Order

2. Service Bundle

3. Plug and Play

4. Pay Per Use

5. Commission

6. Value Exchange

7. Subscription

Of these models, those that involve the delivery of products and services to a mass market predominate. Companies can also gain value from mixing and matching these models to create new offerings.

How can you put these models into practice? Find out here.
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