Why and how to move towards a dynamic view of business modeling in big data healthcare innovations?
The business model is a tool that traditionally has been used at a single point in time to define various building blocks of the business model canvas (such as key partners, key activities, key resources, etc.) needed to deliver the value proposition. However, when it comes to big data healthcare innovations, we need to move beyond the snapshot-in-time approach of using a business model.
In this last video about the best practices for the uptake of big data technology, Prof. Erik van Raaij and Dr. Vikrant Sihag of the Erasmus University Rotterdam explain that big data healthcare innovations are dynamic as they progress through various stages such as creation, scaling up and sustenance. This dynamic nature can be captured through the notion of business modeling, which refers to the process of defining and redefining business models over time. The characteristics of various building blocks of the business model differ across the various developmental phases of big data healthcare innovation as each phase is conducive to a specific set of building block characteristics.
Learn in this video how the business modeling was introduced in the BigMedilytics project and used on a regular basis to support pilots throughout the project.
- Project teams should focus on the process of business modeling rather than a snapshot-in-time approach of using business models.
- A multi-sided business model should be used to represent a healthcare system with multiple stakeholders who function both as customers and key partners.