Competitive strategy for paradigm shift in the era of the fourth industrial revolution: Focusing on business model innovation

Abstract

The advent of the Fourth Industry Revolution calls for companies to radically rethink existing business models and innovate business models through detailed and consistent strategies. In this study, three types of business model frameworks are presented as methods to cope with the Fourth Industrial Revolution at the enterprise level. We also have designed business model frameworks that utilizes four axes; hyperconnectivity, hyper-intelligence, hyper-convergence, and hyper-predictability. And then, we finally suggest a framework of smart connected business model. This model uses information and communication technology to create an online and offline platform, enhances the connectivity of human beings, objects and markets, and analyzes and utilizes the data generated here. It is a circulation structure that develops existing products (or services), market, and business models, which create prediction, customization, and innovation.