Abstract
Implications of the Internet-of-Things on the components of business models of mining companies
Highlights
The internet, along with interconnected physical objects and devices and their virtual representation, has been a growing trend in recent years
The study found that the business model (BM) components of key resources, key partners and key activities that constitute the ‘structure’ theme of the study are most influenced by the IoT
This finding is in harmony with the results of Kiel’s (2017) study on manufacturing companies that found that the BM components of key partners, key activities and key resources were influenced the most by the IoT
Summary
The internet, along with interconnected physical objects and devices (known as ‘things’) and their virtual representation, has been a growing trend in recent years. The IoT is concerned with interconnected objects that provide anyone, wherever situated, live access to information (Westerlund et al, 2014) In other words, it is the ‘blaze’ of digitalisation, resulting from the utilisation of a wide range of smart devices that can be bundled together through sensors and networking, that is referred to as the IoT (Leminen et al, 2018). It is the ‘blaze’ of digitalisation, resulting from the utilisation of a wide range of smart devices that can be bundled together through sensors and networking, that is referred to as the IoT (Leminen et al, 2018) This digitalisation process generates opportunities for innovative functionality, improved reliability and business process optimisation (Burmeister et al, 2016). Technological developments have influenced current business models (Pereira & Romero, 2017) because companies have had to adapt in order to capitalise on opportunities that are crystallising with the fourth industrial revolution
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