1. Introduction and Motivation

1.2. Justification of Classification: Turning Data into Profit

The original inspiration motivating this classification came from our research into why businesses collect data and what they do with it. In short, they do so to maximise profit. Our taxonomy encompasses the core platforms by which businesses derive profit. A 2016 Gartner study identifies the key areas a digital enterprise can support business which includes placing value on: data analysis and information systems for decision making (business intelligence), customer-focused analysis and ecosystem analysis. In addition to these, the report also identifies an IoT platform as valuable, however, IoT is beyond the scope of this survey. Therefore, we have chosen these facets as the basis for our top-level classification. A complete business taxonomy does not exist in a form that would be useful to this survey, and so we have developed this taxonomy from an existing business sources and from the research found within the literature search. We found that the research fell into these categories due to reoccurring themes. The significance of the taxonomy facets is still thoroughly established in the academic business world.

Increasingly, businesses are striving to utilise their valuable resource – data. Bean presented an article in the Harvard Business Review highlights a decrease in expenditure as the ultimate goal of data analytics, with the objectives of increasing revenue, product innovation, and operational efficiency (business intelligence). Bean stated that businesses are now looking to find new ways to innovate with data to extract previously untapped value. We propose that these new methods of innovation can be achieved through the creation of visual designs that depict the data decision making.

From this, we can see that business intelligence is a crucial facet to the success of a data-driven business. McAfee highlighted the managerial benefits of data analytics – stating "You can't manage what you don't measure", advocating the creation of intelligence through data as an integral part of business operations. Grossmann wrote at length about the potential value of utilising business data for the purposes of business intelligence. The book entitled "Fundamentals of Business Intelligence" presents an overview of business data types and visual designs of the data to exemplify it. The data types consist of reporting and process data (business intelligence) and customer data.

Buluswar interviewed six senior leaders from major businesses, asking how they utilise their data. A strong theme emerged highlighting the importance of business intelligence but also of consumer centred analysis, focusing on what serves the customer best – looking at their experience with the product and exploring how to align the business with customer expectations. Many books have been published that discuss how to collect and data-mine customer centred business data so that it can be used for business development purposes.

The business ecosystem was identified by the Gartner report as a critical facet of a businesses knowledge. Moore described the practical benefits of embracing the ecosystem centred view:

"A business ecosystem can also be conceived as a network of interdependent niches that in turn are occupied organisations. These niches can be said to be more or less open, to the degree to which they embrace alternative contributors. One of the most exciting ideas in business today is that business ecosystems can be "opened up" to the entire world of potential contributions and creative participants".