Monetization of big data technology: Information costs modeling

Abstract

Subject. The article addresses information costs associated with the creation and use of big data technology. Objectives. We focus on specification and analysis of information costs as a parameter that determines the possibility to monetize big data technology; identify the main sources, the nature and factors impacting these costs; develop approaches to assessing and reducing them. Methods. The study employs methods of systems approach, classification, functional modeling, functional cost analysis. Results. We propose a conceptual functional model of big data technology. Using the model, we explore the structure, content and nature of investment costs involved in creation and implementation of big data technology, as well as operating costs at the data preprocessing stage. The paper shows the transactional nature of information costs of big data technology, points out the need for cost minimization to monetize the technology, offers a methodology for assessing the information costs, which integrates modern methods for business process investigation. Conclusions. Prospects for monetization and extensive use of big data technology in economic activities are determined by the possibility of reducing the information costs inherent in the technology. To overcome existing difficulties, special scientific studies in the field of technology and economics are needed.