Data driven business models use artificial intelligence, from input to output, to provide real-time information for better business decisions.
A short example:
Input or customer engagement exists in forms such as e-commerce, websites and chatbots; and less obvious forms, such as digital sensors in products, like tires, in which the sensors collect data to improve performance resulting in higher customer satisfaction.
Digital output exists in forms, such as financial reporting and analysis; and regulatory compliance. There are less obvious forms, also, such as real-time customers’ engagements at any point along their transactions resulting in no waiting, for an answer, such as when research is done.
Combine these examples into a cohesive business model, collaboration along channels proliferates as people work together to solve real-time problems witnessed in the digital data visualized in metrics, reporting, patterns, and anomalies. Collaborating empowered employees breeds better business decisions.
The benefit of data driven business models using artificial intelligence is real-time information allowing for immediate, and better business decisions. This business model moves companies from a competitive advantage to an innovative advantage.