The last few years have seen the strategic importance of information technology and Internet of things (IoT) growing, which is, in turn, causing an ever-increasing number of business innovations led by digital transformation. Organizations have turned away from product-based offerings toward complex and service-oriented business models. As data capabilities are increasing exponentially, they are also causing data-driven innovations in business models and making digital transformation a central component of the business models. Also, research points to an increase of data-driven innovations in commercial and non-commercial fields. The development of data-driven business models (DDBMs) is being driven by this trend and is seeing growing importance in research as early as 2016 by Schüritz and Satzger.
The energy and utility (E&U) sector seem to have gained a better understanding of how to generate new data-driven business models in the wake of an ongoing digital transformation. While data is a key resource, generating value from data visualization is a challenge for innovating data-driven business models. HCL’s Energy and Utility Data Analytics team is exploring the possibility of designing a data and insights-based advanced analytics platform. A PaaS that can support the design process of data-driven business models is a crucial element in connecting data to value propositions. The Data Integration Group (DIG) connects two key elements of the business model– key resources and value proposition– through specific functions based on business needs such as asset performance, load forecast, and capacity planning.
Know more about the DIG's capabilities here.