Data is rapidly becoming one of the most important business resources. A growing number of companies address the question of how they can use data profitably in their business. In this context, data-driven business models become an increasingly decisive competitive factor, as examples of successful American companies such as Google or Facebook show.
German companies have also recognised the importance of data-driven business models. A survey by IW Consult reveals that almost 31 percent of German companies already have a data-driven business model. Companies are diversifying their portfolios by offering a range of different products - from traditional to computerized to data-driven - in order to meet increasingly complex customer needs. The vast majority of companies are driven by competitors in the market and perceive impulses from substitutive products as motivation to adapt own products in their business models.
Three recommendations for action, which show how companies can transform their business models into data-driven ones, were identified: clarify the potential of data-driven business models, strengthen networks between companies and scientific actors, and define the legal framework.