Business Models For Internet Of Things Research Articles

Integrating Ecosystem Intelligence with the Hybrid Intelligence Accelerator

Setting up Internet of Things (IoT) business models is a challenging tasks which leads to dramatic numbers of failures. To support both corporates and startups, business accelerators gain increasing popularity. However, most of such efforts have several restrictions such as limited capabilities, networks or expertise. To overcome these deficiencies we propose the Hybrid Intelligence Accelerator as a novel service system to support the design process of IoT business models through connecting multiple actors via an online platform and combining the idiosyncratic benefits of collective and artificial intelligence. In the context of a design science research approach we developed an initial prototype version of the Hybrid Intelligence Accelerator and provide insights in the procedures as well as tentative design principles.

Realising the right to data portability for the domestic Internet of things

There is an increasing role for the IT design community to play in regulation of emerging IT. Article 25 of the EU General Data Protection Regulation (GDPR) 2016 puts this on a strict legal basis by establishing the need for information privacy by design and default (PbD) for personal data-driven technologies. Against this backdrop, we examine legal, commercial and technical perspectives around the newly created legal right to data portability (RTDP) in GDPR. We are motivated by a pressing need to address regulatory challenges stemming from the Internet of Things (IoT). We need to find channels to support the protection of these new legal rights for users in practice. In Part I we introduce the internet of things and information PbD in more detail. We briefly consider regulatory challenges posed by the IoT and the nature and practical challenges surrounding the regulatory response of information privacy by design. In Part II, we look in depth at the legal nature of the RTDP, determining what it requires from IT designers in practice but also limitations on the right and how it relates to IoT. In Part III we focus on technical approaches that can support the realisation of the right. We consider the state of the art in data management architectures, tools and platforms that can provide portability, increased transparency and user control over the data flows. In Part IV, we bring our perspectives together to reflect on the technical, legal and business barriers and opportunities that will shape the implementation of the RTDP in practice, and how the relationships may shape emerging IoT innovation and business models. We finish with brief conclusions about the future for the RTDP and PbD in the IoT.

Realising the Right to Data Portability for the Internet of Things

There is an increasing role for the IT design community to play in regulation of emerging IT. Article 25 of the EU General Data Protection Regulation (GDPR) 2016 puts this on a strict legal basis by establishing the need for information privacy by design and default (PbD) for personal data-driven technologies. Against this backdrop, we examine legal, commercial and technical perspectives around the newly created legal right to data portability (RTDP) in GDPR. We are motivated by a pressing need to address regulatory challenges stemming from the Internet of Things (IoT). We need to find channels to support the protection of these new legal rights for users in practice. In Part I we introduce the internet of things and information PbD in more detail. We briefly consider regulatory challenges posed by the IoT and the nature and practical challenges surrounding the regulatory response of information privacy by design. In Part II, we look in depth at the legal nature of the RTDP, determining what it requires from IT designers in practice but also limitations on the right and how it relates to IoT. In Part III we focus on technical approaches that can support the realisation of the right. We consider the state of the art in data management architectures, tools and platforms that can provide portability, increased transparency and user control over the data flows. In Part IV, we bring our perspectives together to reflect on the technical, legal and business barriers and opportunities that will shape the implementation of the RTDP in practice, and how the relationships may shape emerging IoT innovation and business models. We finish with brief conclusions about the future for the RTDP and PbD in the IoT. NOTE - Updated v.2 added 30 May 2017.

Analysis of Business Framework for Internet of Things

Objectives: The development of an IoT business according to suitable business framework is essential for the success of IoT businesses. This paper aims to develop a business model framework especially for IoT-based business. Methods/Statistical Analysis: Literature survey interviews with practitioners have been administered to define factors and their attributes relevant to the business model for IoT-based businesses. The survey was distributed to 150 interviewees in Korea. The survey gathered 108 responses. An exploratory factor analysis was deployed to determine whether unobserved factors are underlying the “blocks” (IoT technology, business strategy and process, cost structure, selected business area). Findings: As the result of this study, several variables are excluded in each factor, because their validity and reliability are not acceptable. For example, the factor “IoT technology” contains only 2 variables, “ICT technology” and “R&D capacity”. The other factors have also same result after factor analysis. In case of the factor “Application area”, the variables, “Supply chain”, “Transport”, “Smart home” are chosen because the interviewees believe that IoT business in these application areas will be promising and profitable. Subsequently, the modified business model framework for the IoT business is illustrated as the result of this paper. The result of this study could be changed according to the interest and knowledge of respondents. The framework suggested in this paper can be a good reference to the business developers, who are interested in planning and creating an Internet of Things business as new business opportunities. Improvements/Applications: This paper shows the orientation about how to construct the IoT business model and may serve as a reference guide on how the IoT business frameworks could be formulated. Keywords: Business Framework, Business Model, Communication Technology, Internet of Things (IoT), Research Model

IoT business models in an industrial context

Abstract There is a broad consensus that the transformative power of the Internet of Things (IoT) will affect all kinds of industries; or, to put it in a more optimistic light, that almost no domain is excluded from the opportunities to leverage the IoT. But, what does this mean for the future of industrial processes? This article introduces the concept of high-resolution management (HRM). IoT enables the collection of high-resolution data for the physical world where, as in the digital world, every aspect of business operations can be measured in real-time. This capability facilitates high-resolution management, such as short optimization cycles in industrial production, logistics and equipment efficiency, comparable to methods like A/B-Testing or Search Engine Optimization, which are state of the art in digital business. We take the following two perspectives on leveraging high-resolution management. First, through greater insights into their industrial processes, companies that apply HRM in their operations are able to achieve higher efficiency, quality and flexibility. The example of vehicle fleet management illustrates this effect. Second, we build upon the St. Gallen Business Model Navigator in order to look in greater detail on how the IoT affects industrial processes. Gassmann et al. Gassmann, O., Frankenberger, K., and Csik, M. (2014). The business model navigator: 55 models that will revolutionise your business. Financial Times. introduce 55 generic business model patterns, of which our extended research identified 20 that could profit significantly from the IoT Fleisch, E., Weinberger, M., and Wortmann, F. (2014). Geschäftsmodelle im Internet der Dinge. HMD Praxis der Wirtschaftsinformatik, 51(6), 812–826; Gassmann, O., Frankenberger, K., and Csik, M. (2014). The business model navigator: 55 models that will revolutionise your business. Financial Times. . Analyzing these 20 patterns allowed for the identification of six key components: Remote Usage and Condition Monitoring, Object Self Service, Digital Add-on, Digital Lock-in, Product as a Point of Sales and Physical Freemium. These building blocks help companies to supply HRM-supported offerings. Finally, the example of remote monitoring of process parameters shows that these business model components can also be deployed to create offerings that enable others to apply HRM.

Integration of Internet of Things components into a firm’s offering portfolio – a business development framework

Purpose – This paper aims to provide a foundation for firms trying to evaluate the suitability of Internet of Things (IoT)-enhanced offerings against the background of their current portfolio. Currently, quite a number of companies consider revising or extending their portfolio of products and services by incorporating IoT components to achieve competitive advantages. However, an unsystematic and autotelic addition of connected sensors and actuators to present offerings does not necessarily lead to substantial market success. Design/methodology/approach – The approach of this paper is to identify different roles which IoT components can play in offering portfolios; clarify business development objectives, which can be achieved by the combination of products and services with IoT components; and report case examples which help to highlight how business development objectives can be reached with the help of IoT components fulfilling specific roles. Findings – IoT components may play three different roles when integrated into product or service offerings. This role differentiation is crucial in understanding how IoT amendments can be instrumental in supporting the achievement of specific business development objectives pursued by a firm. Research limitations/implications – The framework is based on conceptual considerations. To overcome this limitation, empirical research on technology-, cost- and customer-related impacts of IoT-enhanced offerings is desirable. Practical/implications – Firms need to evaluate three roles which IoT components can play against the background of their present product portfolio when developing new business strategies. Originality/value – This paper combines literature on the principles of operation of IoT applications and business models with current use-cases to provide implications for IoT-related business development issues.

IoT-Based Prognostics and Systems Health Management for Industrial Applications

Prognostics and systems health management (PHM) is an enabling discipline that uses sensors to assess the health of systems, diagnoses anomalous behavior, and predicts the remaining useful performance over the life of the asset. The advent of the Internet of Things (IoT) enables PHM to be applied to all types of assets across all sectors, thereby creating a paradigm shift that is opening up significant new business opportunities. This paper introduces the concepts of PHM and discusses the opportunities provided by the IoT. Developments are illustrated with examples of innovations from manufacturing, consumer products, and infrastructure. From this review, a number of challenges that result from the rapid adoption of IoT-based PHM are identified. These include appropriate analytics, security, IoT platforms, sensor energy harvesting, IoT business models, and licensing approaches.

Prototyping Business Models for IoT Service

The Internet of Things (IoT) generates new business opportunities by connecting physical objects with a multitude of sensors. IoT research mainly focused on technology and business models are relatively unexplored, although developing IoT business models is important for successful IoT service. The existing literature on IoT business models are industry or context-dependent. The aim of this research is to develop a generic business model framework for IoT business through literature analysis and interviews. To test the proposed business model framework, we undertake case studies of current IoT companies. The findings suggest that capability for data analytics is an essential element for IoT service. Also, open ecosystems help companies provide new integrated service and offer greater value for consumers. This research acts as a starting point for designing or developing business models for IoT services.

Modelos de negócio para produtos e serviços baseados em internet das coisas: uma revisão da literatura e oportunidades de pesquisas futuras

A new generation of ubiquitous computing, also known as the Internet of Things (IoT), is an opportunity but also a challenge for companies in several industries. With IoT, the industrial products, including cars, phones, televisions, refrigerators, cameras and even books, may have built‐in digital capability, offering new features, performance rates and affordable prices that change design, production, distribution and use. The challenge for organizations is to innovate the existing business model so they can successfully enter this promising new technological context. This article reviews the literature of Information Systems and Strategic Management, exploring what are the components of a business model for products/services based on IoT; moreover, it seeks to identify the barriers and facilitators that can help companies to redefine their business models to take advantage of the opportunities of IoT. The method used for the construction of the article was the systematic and critical review of the literature. The results are the identification of elements to be considered in the development of business models for services and products based on IoT. They enable us to observe potential facilitators and barriers, so indicating topics for future research. In this way, this article seeks to provide a reference and insights for academics and professionals, into how to define structured business models for IoT, analyzing the main aspects that must be considered when the innovations for this digital context are planned.

Business models for the Internet of Things

The Internet of Things is the connection – via the internet – of objects from the physical world that are equipped with sensors, actuators and communication technology. This technology is looked at by a large variety of domains, such as manufacturing, healthcare and energy, to facilitate the development of new applications and the improvement of existing applications. To also enable the commercial exploitation of these applications, new types of business models must be developed. Frameworks exist to facilitate the development of business models. These frameworks define the building blocks that a business model address. This paper presents a business model framework specifically for Internet of Things applications. Through a literature survey, interviews and a survey among practitioners, it identifies the building blocks that are relevant in an Internet of Things business model, types of options that can be focused on within these building blocks and the relative importance of these building blocks and types. The framework can be used by developers as a starting point for creating business models for Internet of Things applications.

Physical assets and service sharing for IoT-enabled Supply Hub in Industrial Park (SHIP)

To provide public logistics services, Supply Hub in Industrial Park (SHIP) is facing challenges on getting real-time interactions with its member enterprises, and real-time tracing and tracking of its assets. The emergence of Internet of Things (IoT) offers a possible solution to achieve real-time visibility and information sharing, as well as appropriate level of intelligence. This paper proposes an IoT-enabled SHIP for enhancing the effectiveness and efficiency of sharing physical assets and services. First, an overview of IoT-enabled SHIP is presented by highlighting three key components: Physical Asset Service System (PASS), information infrastructure, and decision support system. PASS is introduced as a new business model for supporting the sharing approach. Second, the relevant state-of-the-art literature is reviewed by examining several representative pilot projects worldwide. Third, future research opportunities are discussed along five dimensions including IoT infrastructure, business models, decision models, synchronization mechanisms, and impact analysis. Research gaps are highlighted and key research questions worthy of further exploration are presented. It is hoped that this work is valuable and beneficial to researchers who wish to extend their research into this new and exciting area, and to identify new research opportunities.