Business Model Report: Analysis of Key Components and Big Data

This report provides an analysis of business models, beginning with a definition and exploring various aspects such as e-business models, activity system models, and cost/revenue architecture models. It delves into the concept of dynamism within business models, examining how firms can leverage sensing, seizing, and transforming capabilities. The report also discusses the significance of business context in defining requirements and adapting to change. A significant portion is dedicated to big data and analytics, highlighting the shift from hype to action. A case study on RightShip, a ship vetting agency, illustrates the practical application of big data analytics in improving risk management and decision-making. The RightShip example showcases how big data enhances business models by providing access to critical information and enabling predictive analytics for better performance and risk assessment.

1. Business model:
 I have understood from my research that a business model is a concise and distinct
way of picturing the way in which a business operates.
 It is just a mean of translating the value proposition provided to customers into a
potential for swift revenue growth.
 According to management expert, Peter Drucker, a business model provides answers
to the following questions: Who is the customer? What does the customer value?
How value is delivered at an appropriate cost?
2. E-business model
 Regarding E-business, it implies doing business electronically.
 Only those business that are into commercial transactions with their customers and
business partners are considered as e-businesses.
 It is widely known, as I have found, that the recent advancements in communication
and information techniques have made it possible for the development of new and
innovative ways of creating and delivering value.
3. Activity system model
 I found that the overall aim of the business model of any focal firm is exploiting any
business opportunity in creating value for the involved parties.
 In these type of firms an activity in a business model is regarded as human
engagement, physical and/or material assets of any of the party to the business model,
for serving any particular purpose for the fulfillment of the whole objective.
 An activity system is therefore a set of codependent organizational activities focused
on the firm, as I have understood, comprising those carried out by the firm, their
partners, suppliers or consumers
4. Cost/revenue architecture model
 In analyzing business models in terms of cost/revenue architecture, I found that they
can be addressed in the domains of innovation and technology management.
 Business models not just entails outcomes for technological innovations, they even
get shaped by them.
 Businesses also can consider the business model as an origin of innovation in and of
itself.
5. Dynamism in business model
 While exploring the components inside business model I did a thorough assessment
on how the sensing, seizing and transforming competences of the firm can be made
use of for bringing dynamism to every component and even to the whole
organization’s business model.
 Some of the components are capable of fostering dynamism, others are capable of
impeding dynamism.
 Pursuit of dynamism in organizations in one aspect often goes on to the initiation of
dynamism in several other aspects.
6. Business context
 From my research I have understood that business context is a type of context where
a particular vocabulary is engaged. This might be an individual organization, a
specific project, or a larger business community.

 The business context decides the scope for gathering and agreement of requirements.
7. Change is inevitable
 Organizations are facing today a dynamic and changing environment.
 To survive in today’s global economy, organizations need to be flexible and readily
adapt to the ever-changing marketplace.
 It is as important for organizations in paying attention to the social and psychological
aspects of change, I believe, as they do to the other technological aspects.
8. Big data and analytics
 In case of big data and analytics, I found that the shift from hype to action has been
enabled by the rise in offerings around analytics in the cloud.
 This approach has allowed organizations in focusing on their core business, initiate
faster innovation, achieving quick wins and reduce risks, irrespective of whether it is
software as a service or hosted solution.
9. Big data in RightShip
 RightShip, a Melbourne based third party ship vetting agency has redeveloped their
online ship vetting information system (SVIS) with the help of business analytics
software from IBM.
 RightShip is using the Softlayer cloud platform for managing and analysing the data
that will be generated by the IBM analytics software, which in turn would allow the
company to focus on the core business of offering risk and vetting help for the
maritime industry.
 With the help of predictive analytics and reporting, SVIS 2.0 is planned for providing
RightShip customers admittance to information like inspection records and ship
ownership details.
10. Big data in the business model
 At RightShip, the SVIS 2.0 system is available through the company’s website and it
holds data regarding approximately 71,000 ships and thousands of maritime
companies.
 With the collaboration with IBM and getting access to their business analytics
technology, RightShip has realized the benefit of Big Data in delivering the most
urbane, enterprise-ready risk management system accessible to the marine industry
through an upgrading to its Ship Vetting Information System (SVIS™).
 RightShip is a business-to-business tool and from their usage analytics they have seen
that there is a greater use of mobile.
 The new system allowed RightShip to execute better and target inferior performance
and estimate risk animatedly as a reply to altering factors.