Business models must evolve to harness the power of data from "summary" of Reinventing Capitalism in the Age of Big Data by Viktor Mayer-Schönberger,Thomas Ramge
To fully capitalize on the potential of data, businesses must rethink their traditional models and adapt to the new reality of the data-driven world. This shift requires a fundamental change in mindset and approach, as organizations can no longer rely solely on intuition and experience to make decisions. Instead, they must embrace data as a critical asset that can offer valuable insights and drive strategic decision-making. In the past, businesses operated based on fixed assumptions and limited information, leading to a narrow perspective and missed opportunities. However, in today's data-rich environment, companies have access to a wealth of information that can inform and guide their operations. By leveraging data effectively, businesses can identify trends, predict outcomes, and optimize their processes to stay ahead of the compe...
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