Entire Business Model Research Articles

Investigating the Impact of 4IR Technologies on Supply Chain Performance: A Literature Review

Supply chain performance measurement is an integral part of supply chain management that reveals the efficiency, health and success of the supply chain and offers areas for improvement in this regard. Nowadays, new ways maintain to be sought to realise the highest possible potential of supply chains. The Fourth Industrial Revolution enabled limitless benefits to supply chains and created a transformation that alters the entire supply chain and business models. This study aims to reveal the contributions of this industrial revolution’s technologies to supply chain performance and to ensure superior performance is achieved thanks to these technologies. In this study, the fourth industrial revolution was examined in light of the stages of industrial revolutions and the concept of supply chain performance was explained by considering the historical development of performance management. Afterwards, the dimensions of supply chain performance in the literature and the SCOR model version 13.0 attributes and their metrics, which are considered as dimensions of supply chain performance in this study, are elaborated. The contributions of these technologies to supply chain performance were investigated. The study ended with the evaluation of the findings.

Business Models of Enterprises in the Conditions of Digital Transformation: Global and Domestic Experience

Abstract The article aims to provide a comprehensive overview of both theoretical concepts and practical applications regarding the transformation of business models in the context of digitalizing the economy. In the current digital landscape, traditional business models may no longer suffice to sustain growth and competitiveness. Therefore, there is a pressing need to identify and adopt novel approaches that leverage digital technologies to their fullest potential. By examining the latest trends and emerging paradigms in economy’s, the article aims to re-think their strategies and embrace digital transformation proactively. This involves not only incorporating technology into existing operations but also reimagining the entire business model to capitalize on new opportunities and address evolving consumer behaviors. Furthermore, the article aims to provide practical insights and actionable recommendations for businesses looking to embark on their digital transformation journey.

A new era of AI‐assisted journalism at Bloomberg

AbstractArtificial intelligence (AI) is impacting and has the potential to upend entire business models and structures. The adoption of such new technologies to support newsgathering processes is established practice for newsrooms. For AI specifically, we are seeing a new era of AI‐assisted journalism emerge with trust in the AI‐driven analyses and accuracy of results as core tenets.In Part I of this position paper, we discuss the contributions of six recently published research papers co‐authored by Bloomberg's Artificial Intelligence Engineering team that show the intricacies of training AI models for reliable newsgathering processes. The papers investigate (a) the creation of models for updated headline generation, showing that headline generation models benefit from access to the past state of the article, (b) sequentially controlled text generation, which is a novel task and we show that in general, more structured awareness results in higher control accuracy and grammatical coherence, (c) chart summarization, which looks into identifying the key message and generating sentences that describe salient information in the multimodal documents, (d) a semistructured natural language inference task to develop a framework for data augmentation for tabular inference, (e) the introduction of a human‐annotated dataset (ENTSUM) for controllable summarization with a focus on named entities as the aspect to control, and (f) a novel defense mechanism against adversarial attacks (ATINTER). We also examine Bloomberg's research work, building its own internal, not‐for‐commercial‐use large language model, BloombergGPT, and training it with the goal of demonstrating support for a wide range of tasks within the financial industry.In Part II, we analyze the evolution of automation tasks in the Bloomberg newsroom that led to the creation of Bloomberg's News Innovation Lab. Technology‐assisted content creation has been a reality at Bloomberg News for nearly a decade and has evolved from rules‐based headline generation from structured files to the constant exploration of potential ways to assist story creation and storytelling in the financial domain. The Lab now oversees the operation of hundreds of software bots that create semi‐ and fully automated stories of financial relevance, providing journalists with depth in terms of data and analysis, speed in terms of reacting to breaking news, and transparency to corners of the financial world where data investigation is a gigantic undertaking. The Lab recently introduced new tools that provide journalists with the ability to explore automation on demand while it continues to experiment with ways to assist story production.In Part III, we conceptually discuss the transformative impact that generative AI can have in any newsroom, along with considerations about the technology's shortcomings in its current state of development. As with any revolutionary new technology, as well as with exciting research opportunities, part of the challenge is balancing any potential positive and negative impacts on society. We offer our principles and guidelines used to inform our approach to experimenting with the new generative AI technologies. Bloomberg News’ style guide reminds us that our “journalism is aimed at possibly the most sophisticated audience in the world, for whom accuracy is essential.”

A conceptual model of artificial intelligence effects on circular economy actions

AbstractThe circular economy (CE) presents a contemporary approach to integrating economic activity and environmental well‐being sustainably, opposing the linear open‐ended system. However, implementing this paradigm poses challenges, needing a fundamental shift in companies' strategies and business models. Emerging technology can support companies in transition toward CE and in particular artificial intelligence (AI) can play a crucial role in facilitating this transition by supporting companies not only in specific CE activities but also in strategically redefining their entire business models. Recognizing the increasing importance of both AI and CE in management literature, our paper seeks to integrate these two distinct streams of literature. Starting from existing studies, it tries to provide a framework able to understand the role of AI technology into enhancing CE. Through a systematic literature review using the Preferred Reporting Items for Systematic Review and Meta‐Analysis protocol, using keywords research on three databases, we identified 63 articles that concurrently address both CE and AI topics. Subsequent co‐occurrence and content analyses revealed how AI is utilized to bolster CE efforts leveraging the ReSOLVE framework (from the acronymous of Regenerate, Share, Optimise, Loop, Virtualise, and Exchange)—an operational tool for CE. The last step consists into the development of a conceptual framework outlining four stages of AI's engagement with the CE: namely System optimization, System redesign, Business Model redesign, and Ecosystem innovation. From our study emerges that while AI is already recognized for enhancing specific activities within CE, its potential as a strategic planning tool for business model redesign and ecosystem innovation remains largely unexplored.

Digital Servitization and Business Model Innovation in SMEs: A Model to Escape From Market Disruption

The progress and the adoption of digital technologies can rapidly make products, processes, and business models obsolete, until disrupting entire markets. In this context, small–medium enterprises (SMEs) operating in manufacturing are especially challenged due to their limited resources and smallness liabilities. Firms can implement, design, and deliver new smart and connected products that change the way they compete and trigger the provision of services—until redesigning the entire business model. However, little knowledge is available on how SMEs may effectively trigger and catalyze such transition. Using an interpretative research approach inspired by the design research methodology, in this article, we explore how SMEs may leverage digital servitization to escape from a disrupted market. Based on our findings, an original digital servitization model tailored for SMEs is proposed. Finally, the study provides a set of research and managerial implications on how SMEs can overcome market disruption in the manufacturing context through digital servitization and business model innovation.

Business Model Innovation for Digitalization in the Swedish District Heating Sector

Despite decades of research and development, digitalization remains a key challenge for the Swedish district heating sector. Business model innovation is believed to be necessary to capitalize on digitalization, yet it is especially challenging for municipal companies. This study aims to identify the potential impact of digitalization on the business models of Swedish district heating companies and to analyze the barriers that exist for digital business model innovation. Through case studies of eight municipal district heating companies, this study demonstrates how the entire business model is potentially impacted by digitalization. This study also identifies the barriers to digital business model innovation that are linked to two conflicting views (restrictive versus comprehensive) on digitalization. The restrictive view diminishes the importance of business model innovation, outsourcing innovation to minimize both costs and risks for the company. In contrast, the comprehensive view embraces digital business model innovation through trial-and-error and opens the innovation process to stakeholder influence. These two perspectives are motivated by different beliefs about the need for digitalization to secure future business opportunities, as well as differences in owners’ risk appetite. The implications for industry outlooks and the design of policy support for the digitalization of district heating are discussed.

Dineout: Managing Business Disruptions

The case tracks Dineout's evolution into a full-scale tech solution provider for restaurants. In 2020, the COVID-19 pandemic struck the world. Several countries, including India, implemented complete lockdowns to control the spread of the virus. Stringent measures to ensure social distancing, night curfews and restrictions on social gatherings continued, which were a severe blow to the restaurant industry. The restaurants' revenue streams dried up as the diners avoided dining out and preferred food deliveries, which was against Dineout's core business model. The case ends with the questions on how Dineout should wade through the pandemic when its entire business model was being challenged.

How Applying the Lean Start-up Methodology can Affect Business Model Innovation

Start-ups often apply entrepreneurial approaches like the Lean Start-up Method (LSM) and Business Model Innovation (BMI). LSM emphasises experimentation during product development and testing in close interactions with potential customers to get first-hand feedback. Lessons learned are implemented so that improved product variants go through further feedback loops and so on. Products are developed by rapidly getting closer to what customers really want. BMI focuses on altering existing or developing new business models to enable differentiation from competitors. Typical elements of business models include target customer segments, value propositions, value chains and revenue mechanisms. BMI is assumed to take place when at least two of these elements are innovated in conjunction. Going beyond typical product or process innovation in isolation, BMI suggests to holistically consider interdependencies within the entire business model. The need for a better understanding on connections between LSM and BMI is expressed in the literature and this work’s goal is to contribute to this discussion. More specifically, this work seeks to address the question of how the application of LSM can affect BMI. In search of answers, business plans of 25 finalist start-ups in the 2022 edition of an annual innovation competition in Switzerland are reviewed. While the evidence on the connection between LSM and BMI is not entirely convincing, reviewed business plans reveal insights into LSM-related factors at play that can support business model changes and trigger BMI.

Business Model Innovation in Manufacturing Firms: Exploring the Driving Forces of Digital Transformation

The adoption of digital technology has become a critical factor in the context of innovation management. The process of digital transformation leads to the realization of concrete business improvements that promote the innovation of entire business models. So far, it has remained unexplored what drives this business model innovation, especially when looking at digitally savvy firms from the manufacturing industry. This study aims to identify the key drivers of digital transformation of business models based on a systematic literature review. A four-step review approach draws on the findings from a core sample of 51 articles from two databases and results in the description of four key drivers for digital transformation of business models, namely ubiquitous connectivity, functional dematerialization, relational decentralization, and flexible scalability. Finally, a conceptual framework of four digital business model archetypes (lighthouse supplier, service enthusiast, data scientist, and platform owner) is proposed that considers a manufacturing firm’s business model exposure to the identified digital transformation drivers. While this study is limited to theoretical findings, it likewise provokes valuable follow-up thoughts for empirical academic work and practitioners from the manufacturing industries.

Interdependence of Logistics and Tourism: Crafting a Novel Logistics Concept in Tourism

A literal gap has been identified between the concepts of tourism and logistics. Tourism Industry is a dependent industry on Transport, logistics and global supply chain. While all transport modes play an almost equal role of moving the tourists from place to place, logistics plays an indispensable role regarding supply of goods required to fulfil the hospitality needs of tourists. As far as cruise tourism is concerned the entire business model is designed through logistics. Therefore, for the tourism sector to run smoothly the efficient logistics service is required. However, the dependency of the logistics services in an active tourism industry is not explicit other than cruise tourism. This paper reveals a novel concept namely, Tourism Logistics that illustrates the interdependence of Logistics and Tourism. Desk research has been conducted to identify the interdependency of two phenomena while taking the contribution of logistics in the overall supply chain is taken to the limelight. The interdependency of transportation, procurement, delivery and warehousing have been shown via analysis of peer reviewed journal articles regarding interdependency of tourism and logistics. A conceptual model has been introduced to identify the interdependency of tourism and logistics functions, delivery, transportation, warehousing and procurement.

Strategi Keberlangsungan Bisnis Dalam Menghadapi Pandemi Covid-19

This study aims to understand the impact of the Covid-19 crisis on food and beverage companies and the business continuity strategies carried out by the companies to address the crisis. This study uses case study research with a qualitative approach. The data used in this study is secondary data collected from the chosen sample of food and beverage companies listed on the Indonesian Stock Exchange (IDX) in the form of annual reports, public exposure, news, and other public information during the time of crisis in 2020 and 2021. Sampling was conducted on 18 companies listed in the food and beverage sector on IDX that experienced negative sales in 2020 and 2021. Afterward, clustering was carried out on these companies into three categories based on market capitalization. From each market capitalization category, one company with the highest negative sales rate was selected for analysis. This study unveils that the Covid-19 crisis had a significant impact on each of the companies, not only seen in financial aspects but also in non-financial aspects. The impact of the Covid-19 crisis encourages companies to formulate new strategies to address the crisis and preserve their business continuity, even if they have to change the entire business model

Comparative Study on The Business Models of the Chinese and British Football Super League

As one of the top football leagues in the world, the Premier League's business model is established according to the operation and management of modern enterprises. China's professional football league was officially launched in 1993, and its business model is still relatively low. Through a comparative study of the business models of the Chinese and British Premier League, it is found that the maturity of the Premier League's business model is inseparable from its nearly 100-year football professionalization process. The British Premier League has much autonomy in the management of the league. It is a monopoly organization with clear property rights over the league and strong independence in operation and management. At the same time, the league’s profits mainly come from high TV broadcast income and considerable advertising and sponsorship income. The entire business model of the Premier League has a side worthy of our country's learning and reference. The Chinese Football Association should minimize its intervention in the Chinese Super League, especially in commercial operations, and give full play to the market's regulatory role. At the same time, the Chinese Football Association should also imitate the management mechanism of the English Football Association, reduce administrative intervention in the Chinese Super League in terms of functions, and shift the focus of work from the overall management of the Chinese Super League to the construction of Chinese national teams and football echelons at all levels. Gradually fade out of the overall control of the Chinese Super League.

Priorities of digital transformation of economic industries in the regional context

This article is devoted to the study and analysis of gradually and steadily penetrating new digital technologies into all economic processes of the country and regions, having a significant impact on the very essence of the economy. In most cases, the expanding use of modern information and communication technologies leads to the emergence and development of new effective management technologies, entrepreneurial practices, and successful businesses. The digital transformation of economic sectors is considered as a driver of regional development and the formation of the digital infrastructure of the regions. The article is aimed at identifying the problems and prospects for the development of regions in the conditions of digitalization, for this it is necessary: to analyze the index of the development of regions on digitalization, to identify the main problems of the development of regions in the conditions of digitalization, to assess measures for the digital transformation of regions. The article concludes that the digital transformation of the economy sets new parameters for the competitiveness of countries. The technologies of the "digital age" are changing production and business-models, principles and rules for the formation of value added chains, sales channels and interaction with consumers. The article notes that currently, enterprises of even traditional industries and technologies face not only the need to maintain competitiveness based on the use of information technology in the processes of organizing economic activity, but also the need to transform the entire business model. This determines the relevance of the development of an indicator reflecting the readiness of the enterprise for such a transformation.

The Mediator Role of Task Performance in the Effect of Digital Literacy on Firm Performance

Digital technologies, which have made significant progress in the last two decades, have paved the way for the emergence of many new-generation devices, platforms and applications. The increase in the use of these technologies has transformed many activities in daily life and significantly changed the business world. The concept of digital transformation, which has become a popular motto for many companies today, has improved the interaction between companies and consumers and changed how companies do business, making the transformation necessary. Digital transformation in businesses can be partial (such as establishing new departments or marketing channels) or major (such as changing the entire business model). In any case, digital transformation is a necessity of the current age. Human capital is vital in increasing the firm performance of companies and gaining a competitive advantage against their competitors. Today, one factor that can improve employees’ task performance in digital economies is digital competencies. Therefore, having a certain level of digital literacy among employees is crucial for companies to achieve adequate performance in digitalization and beyond. From this perspective, this research aims to determine the effect of employees’ digital literacy on their task performance and firm performance. Investigation of this topic in the paper is carried out in the following logical sequence: First of all, the research presents the conceptual framework for digital literacy, task performance, and firm performance. The results of studies in the literature are presented, and the hypothesis development process is based on the research results. The subsequent section provides information about the study’s methodology and findings. Finally, the research concludes with the results and discussion section. Within the scope of the study, data were collected from 222 white-collar employees in Istanbul through online questionnaires. A convenience sampling technique was used to determine the sample. SPSS 25 and SPSS Process 2.13 package programs were used to analyse the data. The research results show a medium-level relationship between digital literacy and task performance, a medium-level relationship between digital literacy and firm performance, and a high and positive relationship between firm performance and task performance. According to the mediation analysis results, employees’ digital literacy positively affects task performance and firm performance. In addition, it has been determined that task performance plays a mediating role in the effect of employees’ digital literacy on firm performance. It appears that company managers should prioritize the focus of the «Reskilling Revolution Initiative», which emphasizes the transformation of employees’ skills to attain sustainable competitive advantage and enable digital transformation.

Evgueni Vinogradov, Birgit Leick, Djamchid Assadi (Eds.): Digital Entrepreneurship and the Sharing Economy

E. Vinogradov, B. Leick and D. Assadi research the profound relations between digital entrepreneurship, sharing economy, disruptive innovations, artificial intelligence, blockchains, the internet and other variables. They point that “the concept of the sharing economy has become increasingly popular in the past few decades in response to major technology and societal shifts. As the digital revolution progresses, a dynamic change associated with the sharing economy is altering the way how transactions between individuals, businesses and organizations are shaped and delivered”. In that context, the author finds that “…this shift also poses potentially drastic changes for the society to grapple with, as the new innovative technologies permeate products and services as well as entire business models through, e.g., artificial intelligence (AI), cryptocurrencies, blockchain technologies, internet of things, and technology-based surveillance”.

The Impact of Financial Technologies on Digital Transformation of Accounting, Audit and Financial Reporting

FinTech is a combination of Finance and Technology which involves use of modern smart technology like big data analytics, cloud computing, artificial intelligence, machine learning, and robotics, for doing finance. Financial technology development has influenced nearly all financial services industry, from granting to insurance, from accounting to consultancy, from consumer finance to investment banking. As a result of digital transformation, preparation of XBRL-based structured digital Financial Reports, block-chain trading, accounting of new digital assets, cryptocurrency has assigned more strategic functions to accountants, while simultaneously supported the auditing to reduce the risk at the minimum level. In order to obtain or retain competitive advantage it is essential to invest money, time into implementing in innovations. A cloud system is part of the basic infrastructure now. When the entire business model changes so do change the ways of accounting, auditing and financial reporting that are inevitable components of business. The integration of modern digital technologies into finances, has enabled finance professionals to achieve greater efficiency, work speed, and financial transparency. Keywords: Financial technologies; Digital Accounting and IFRS; Cryptocurrency; Blockchain; XBRL-standard; Audit; Financial Reporting;

Methodological tools for conducting an audit in the context of automation and digitalization

The digitalization of the economy and all economic entities is now extremely global; at the moment it is the most significant force changing the world economy. For this reason, most modern companies use various information technologies, and even entire digital business models. Audit firms have to adapt to this process by changing audit methods. The purpose of the article is to identify changes in existing audit methods that have occurred due to the global digitalization and automation of the activities of most companies.

ISSUES OF DIGITAL TRANSFORMATION OF BUSINESS MODELS IN THE SERVICE SECTOR

The purpose of this article is to summarize and present the main features of the digital transformation of service business models. Methodology. The authors propose to consider the strategic vector of digital transformation of business models in the context of the formation of the digital economy as a new way of transforming business models and processes of all types of activities. The study based on the analysis of successful foreign and domestic experience allowed to summarize the key provisions of the digital transformation of business models in the service sector. The authors determine that the goal of digital transformation of the business model is to increase its economic efficiency through the introduction of digital technology in all areas of activity, in developing a strategy it is important to consider the directions of digital transformation. The authors present scientific and methodological approaches of leading international organizations to the interpretation of the term "digital economy" and give their own definition, taking into account the context of business models. Practical implications. Digital transformation (digitalization) is seen not just as support through IT components of existing business models, but the transformation of the entire business model, whose main objective is to ensure flexible and rapid change. functioning of the business based on the use of the latest advances in ICT, taking into account the specifics of the business (product, service, product portfolio, services). Based on this definition, the authors consider the main components of a digital business model transformation strategy. Value/originality. It is justified that the digitalization of the business model does not involve a simple transformation of technology, but a change in the business model and business processes. In these circumstances, it is reasonable to consider the following components of digital strategies to improve the efficiency of the business model of service enterprises.

Concepturealize\u2122: a new contribution to generate real-needs-focussed, user-centred, lean business models

It is widely accepted that somewhere in the region of 90–95% of startups fail. It is often suggested that the majority of unsuccessful startups either failed to identify a viable idea, or they failed to execute the idea effectively enough to get to market before running out of cash. Two approaches stand out as being particularly well-suited to addressing these problems: Design Thinking and Lean Startup, respectively. This paper presents the Concepturealize™ methodology that cross-applies Design Thinking and Lean Startup as a single iterative process and that enables the entrepreneur to generate real-needs-focussed, user-centred, lean business models. Existing literature reveals a need for further exploration of cross-application of Design Thinking and Lean Startup (and other related methodologies) in the areas of business model development and innovation. This work answers the research question by review of prior attempts to combine Design Thinking and Lean Startup and presenting the Concepturealize™ model that cross-applies Design Thinking and Lean Startup in a single iterative methodology and that enables the practitioner to generate real-needs-focussed, user-centred, lean business models. By following this new process model correctly, a practitioner will be guided to uncover a viable way to create value, develop a deep understanding of the value proposition, the target customers and how to reach and serve them, together with the expected revenue and costs, all needed to properly formulate the business model. Finally, the practitioner may use the Concepturealize™ model to retest the problem–solution fit and understand how the customers perception of value has altered, each time a new product or new features are launched, looking to continually add value at each cycle. Whilst prior research has explored how organisations may make use of both DT and LS, it has failed to demonstrate how they may be used in parallel, throughout the entire business model development process, instead it demonstrates examples of insight into where to transition from one model to the other. This work progresses the state of the art by following Design Science guidelines to present how the true, in-parallel, cross-application of DT and LS, in the context of business model development, is possible.

Wake-Up Calls for Reluctant C-Suite Executives

It is easy to get caught up in the day to day, even the month to month. CFOs live and die by the quarter. But there are major business technology trends that C-Suite executives—regardless of their day-to-day function—need to understand and respect. Why? Because these trends will inevitably and profoundly impact their companies and likely forever change the industries they occupy. In fact, their business processes and entire business models will be turned upside down by the trends. How inevitably? When? There is no question about the inevitability of the trends, though there are legitimate debates about timing. The strategic dilemma of course is “flatfootedness.” If a company’s timing is off it will lose competitive positioning. If it is way off, it may not survive.