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Technological advancements allow companies to increasingly create value from data and to capture it with business model innovations. However, many firms struggle to leverage data and seize valuable opportunities. Despite its importance, research lacks studies on how firms successfully create value based on data and what kind of business value results from it. To address this issue, we analyze 78 case studies and develop a taxonomy to uncover needed data, approaches, and resulting business value of data-based value creation. We derive 13 dimensions covering 44 characteristics to describe data-based value creation observed in practice and literature. This study contributes to research with a structured framework for describing, analyzing, and classifying approaches of data-based value creation. Our findings deepen the understanding of how organizations translate the potential value of data into actual benefit. For practitioners, the taxonomy provides direct guidance on how to create value based on data.



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