Decoding the data economy: a literature review of its impact on business, society and digital transformation

Abstract

PurposeThe data economy, emerging from the current hyper-technological landscape, is a global digital ecosystem where data is gathered, organized and exchanged to create economic value. This paper aims to shed light on the interplay of the different topics involved in the data economy, as found in the literature. The study research provides a comprehensive understanding of the opportunities, challenges and implications of the data economy for businesses, governments, individuals and society at large, while investigating its impact on business value creation, knowledge and digital business transformation.Design/methodology/approachThe authors conducted a literature review that generated a conceptual map of the data economy by analyzing a corpus of research papers through a combination of machine learning algorithms, text mining techniques and a qualitative research approach.FindingsThe study findings revealed eight topics that collectively represent the essential features of data economy in the current literature, namely (1) Data Security, (2) Technology Enablers, (3) Business Implications, (4) Social Implications, (5) Political Framework, (6) Legal Enablers, (7) Privacy Concerns and (8) Data Marketplace. The study resulting model may help researchers and practitioners to develop the concept of data economy in a structured way and provide a subset of specific areas that require further research exploration.Practical implicationsPractically, this paper offers managers and marketers valuable insights to comprehend how to manage the opportunities deriving from a constantly changing competitive arena whose value is today also generated by the data economy.Social implicationsSocially, the authors also reveal insights explaining how the data economy features may be exploited to build a better society.Originality/valueThis is the first paper exploring the data economy opportunity for business value creation from a critical perspective.

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“…The billions of regular online links among organizations, devices, individuals, data, and processes that involve economic activities are known as the "digital economy" [1]. Hyperconnectivity, or the increased interconnectivity of organizations, people, and machines by using the Internet, the Internet of Things (IoT), and mobile technologies is the foundation of the digital economy [2]. Researchers at present exist in a time where all that is required to sell a product is a smartphone, an Internet connection, and some basic smartphone expertise.…”