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Abstract
Companies increasingly have to adapt new technology and design new business models to retain their competitive advantage in highly dynamic environments. The increasing pervasiveness of the Internet of things (IoT) has offered great potential in many different areas of application to lead or complement new business models. However, business models based on largely static, single firm or historical information architectures are facing challenges in today’s more dynamic environment as new ways of creating value arise across industries and between firms, clients and other stakeholders. Embracing the business ecosystem concept is now becoming critical in order to realize business opportunities or business model potential. This paper focuses on the elaboration of the business ecosystem concept in the IoT business model environment, from both academic and practitioners’ perspectives, to analyse how IoT business models are connected to the underlying business ecosystem. We analyse three cases from the elevator industry to explain how different business models are employed in connection with business and IoT ecosystems, as well as their challenges and possible options to overcome these challenges.
Highlights
Many real-world Internet of things (IoT) applications have been postulated in many industries: the domain covers conventional industrial sectors, and the consuming industries of everyday life, in which IoT can bring significant improvement, even leading to new business models [1]
This paper explores the way in which firms nurture the business ecosystem to deal with the emerging IoT ecosystem business model
Three implications are highlighted in our empirical study as underlying ecosystem business models in the IoT field
Summary
Many real-world Internet of things (IoT) applications have been postulated in many industries: the domain covers conventional industrial sectors, and the consuming industries of everyday life, in which IoT can bring significant improvement, even leading to new business models [1]. IoT, called the Internet of Everything or the Industrial Internet, is a new technological paradigm envisioned as a global network of machines and devices capable of interacting with each other [2] It refers to linking the objects of the real world with the virtual world, enabling connectivity at any time, in any place, for anything and for anyone. There is a considerable body of literature articulating that IoT will enable traditional manufacturing firms to innovate in developing new business models This literature indicates that technological advancement and product or service innovation alone may not sustain the life of a business unless a viable and sustainable business model exists. Utilize elevator service case studies to illustrate the IoT business model in the ecosystem context
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