Research Paper on Data-Driven Business Models: Why the Asia-Pacific Region Serves as an Example for the Western Companies? How Might they Improve Their Business Models in 5 Years?

This article is an expansion of Anastasov, T.’s master’s thesis (2019) and attempts to give a clear definition and taxonomy of the Data-Driven Business Models (DDBMs) as well as illustrate data challenges and opportunities that come along with this. These definitions were cross-analyzed with 3 cases from the Asia-Pacific region to deliver concrete insights and inspiration for Western companies to reinvent their businesses in the next 5 years. A comparison between Data-Driven and Data-Centric models was given as well, not previously analyzed in the thesis, as a view on the current state-of-the-art data business models.