Business Models For Internet Of Things Research Articles

IoT-Based HydroM8 Self-Watering Plant: A Design Thinking Approach and Business Model Analysis

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 aim of this research is to prototyping business model for IoT development HydroM8 Self-Watering Plant. This research has a generic design thinking framework and business model for IoT through literature analysis and interviews. To create the developing of the HydroM8 Self-Watering Plant, the researcher undertakes case studies of a group of students who are in the process of finding problems, creating ideas, design product, to testing the HydroM8 Self-Watering Plant product using IoT that combines internet technology and smartphones. In addition, a group of students also made a Business Model which will later be used as planning, especially in the Competitive Advantages, Key Resources, Key Partners, Cost Structure to added value and sell products that will later be marketed to consumers. This research acts as a starting point for designing or developing business models for IoT services. The findings suggest that the HydroM8 Self-Watering Plant has a considerable chance of success rate for potential users, especially those who like to water plants but do not have enough time. The HydroM8 Self-Watering Plant can be a tool for caring (watering plants automatically) and this tool can provide information to users when their plants have been watered. This HydroM8 Self-Watering Plant has the potential to significantly impact for the community of agriculture sector and promote sustainable water use efficiency.

What drives the successful launch of IoT-related business models?

PurposeCustomer value perception of Internet of Things (IoT)-based services has not been studied in the context of a company’s readiness to adopt IoT technology. The purpose of this paper is to address this gap by indicating a research framing that combines insights from the IoT business model literature and customer perception of the value of such models and their drivers.Design/methodology/approachThe interplay between a company’s IoT readiness and its perception of the value of IoT services is tested using a sample of 90 Eastern European business customers in a competitive business field. The conceptual framework described also examines relationships among constructs that refer to relationship quality. This study evaluates its quantitative sample using partial least squares path modeling.FindingsCustomers’ perceived value of IoT business models strongly relates to their digitalization capabilities and their own company’s innovativeness. When referring to disruptive technical offerings, existing trustful and satisfactory relationships cannot enhance the customer’s value perception.Research limitations/implicationsThe sample of Eastern European buyers is not representative of the majority of manufacturing companies. A randomized sample using other sources such as large industry databases could be useful. In addition, a replication of the study in other countries would allow for a cross-border validation of this study’s results.Practical implicationsThis study suggests a detailed process that is based on a careful preselection of test customers working for innovative companies. A marketing communication approach must state clearly the benefits the buyers get in return for their sacrifice of sharing data.Originality/valueTechnology readiness refers to the user’s propensity to embrace and use new technologies. The results indicate that IoT readiness influences the successful launch of IoT-related business models. For managers, this study proposes a process to implement IoT-related business models.

Mechanisms to develop a business model through the Internet of things: a multiple case study in manufacturing companies

ABSTRACT Companies are looking for opportunities from digital technologies focused on transforming their operations and customer value proposition. IoT solution is a way to develop new services and business models (BM). Literature highlights that research is necessary to discover empirical patterns and tools for understanding and managing digital Innovation adopted by companies. Thus, this study aims to explore how organisations move into an Internet of things (IoT) environment by structuring new business models and offering innovative and sustainable services identifying mechanisms for deploying IoT BM. This research uses a multiple case study approach with three manufacturing organisations. The contribution of this study is the identification of mechanisms applied for developing an IoT business model. Companies altering model operations and reshaping customer value propositions for building new business models are facilitated by digital transformation. The findings provide mechanisms identified across cases: collaboration via strategic partnerships, incubator companies, acquisition of the startup, exchange knowledge/employee training, Co-innovation: interactions between actors to develop platforms and partnership with Technology Parks.

The Curriculum System of Business English Majors in Higher Vocational Colleges from the Perspective of the Internet of Things Business Model

As the country pays more attention to higher vocational education, major higher vocational schools have begun to enroll in multiple majors, but many higher vocational schools do not have the admission requirements for business English majors. This paper is aimed at studying the business English curriculum system in higher vocational colleges from the perspective of the Internet of Things business model. This paper proposes a questionnaire survey analysis method based on the professional curriculum system of business English in higher vocational colleges. This algorithm is more pertinent than ordinary algorithms, and it is more explanatory for the research on the curriculum system of higher vocational business English. This method can more accurately explain the problems existing in the current higher vocational business English courses through detailed analysis of the course objectives, course implementation, and course evaluation. The experimental results of this paper show that the current curriculum system for business English majors in higher vocational colleges has problems in three aspects: curriculum objectives, curriculum implementation, and curriculum evaluation. 20% of the student group thinks that the curriculum system for business English majors has problems.

Capabilities for the internet of things enabled product-service system business models

ABSTRACT The Internet of things (IoT) transforms how businesses operate, create, and deliver products and services. Despite increasing interest in IoT business models, knowledge of the capabilities needed to implement them remains vague. The objective of this paper is to investigate patterns found in 21 empirical tested cases covering several industries. This paper identifies the most common capabilities (connectivity, data management and storage, monitoring, data analytics, control, operations management, maintenance, communication, applications, and security) in an IoT-Product Service System (PSS). Industry practitioners can use this information to visualise linkages between their intended business model and capabilities when developing IoT-PSSs.

An IoT business model for public sector retail oil outlets

PurposeThe fuel retailing landscape in India is undergoing a structural shift with the reforms undertaken by the government that would help the private and foreign firms to enter this market. India is poised to become the world's largest growth market for energy by the mid-2020s. IoT has become an integral digital technology for the fuel retailers in the retail oil outlet (ROO) ecosystem. The purpose of this paper is to develop an Internet of Things (IoT) business model for the Indian oil marketing companies (OMCs') ROOs.Design/methodology/approachUsing literature review along with a survey among 660 respondents led to 402 valid observations, and the variables that contributed to IoT adoption at the OMCs' ROOs were identified. Using the BMC tool (Osterwalder and Pigneur, 2009), the relative importance of the variables within each building block was established. The means of all the variables were measured against the average of all the variables, and significant differences were searched for in each block. The notable differences of the means along with significant high and low means were highlighted.FindingsThis paper depicts empirical research that led to a framework of an IoT business model for Indian public sector ROOs. It also represents the usefulness of the Technology-Organization-Environment framework at the OMCs ROOs and extends the literature by incorporating “data security” to the existent framework of technology, organization and environment within the IoT ecosystem.Research limitations/implicationsThe outcome of the research should be analysed in the Indian context as all the respondents were from India. The study was conducted for the ROOs of Indian Oil Corporation Limited, Hindustan Petroleum Corporation Limited and Bharat Petroleum Corporation Limited and excluded their downstream operations. The dispensers in the OMCs vary along with their marketing strategies in the retail segments. The IoT business model can be customized for a particular OMC, which is scope of further research.Practical implicationsThe study has practical implications for those global fuel retailers embarking on the IoT adoption drive at their ROOs about the need to install “data security” measures in the connected IoT environment. The study provides insights on how the OMCs can stay ahead of competition in the Indian market vis-à-vis the private sector fuel retailers by embracing the IoT business model.Social implicationsThe new emerging technological business models provide competitive edge to those organizations adopting them (Barney, 1991; Clemons and Row, 1991; Feeny and Ives, 1990). The study will enable the OMCs to implement the IoT business model at their ROOs for enhancing their revenue streams and profitability and lowering of operating costs. The study provides insights on how the OMCs can stay ahead of competition in the Indian market vis-à-vis the private sector fuel retailers by embracing the IoT business model.Originality/valueThe contribution of the paper is that it is among the first to map the variables that contribute to IoT adoption at the OMCs' ROOs, within the building blocks of the BMC tool (Osterwalder and Pigneur, 2009), according to their importance. To retain their dominance and have a first-mover competitive advantage, this study enables the OMCs to adopt the IoT business model and transform their ROOs into Internet-connected intelligent fuel outlets.

Internet of Things: Aspiration, implementation and contribution

The Internet of Things (IoT) technologies offer unique opportunities for organisations to improve their performance, innovativeness and as a result pursue competitive advantages. However, organisations are uncertain how to adopt IoT to exploit its potential. This study explores emerging issues and future horizons in the IoT business model context, identifying factors that influence and hinder organisation's ability to implement IoT. A survey revealed a number of drivers and barriers to IoT implementation. These findings informed the development of the Aspiration, Implementation and Contribution (AIC) business model framework that offers guidance to organisations about how to adopt IoT in order to create value. Findings provide novel theoretical insight into the barriers and drivers influencing the implementation of IoT technologies. The development of the AIC business model will help standardise the realisation of value and implementation of IoT.

From managing customers to joint venturing with customers: co-creating service value in the digital age

PurposeUntil today, scholars claim that the phenomenon of “co-creation” of value in an “interacted” economy and in the context of positive actor-to-actor relationships has not been adequately explored. This study aims to first to identify and separate the accessible values of internet of things (IoT)-based business models for business-to-business (B2B) and business-to-government (B2G) customer groups. It quantifies the drivers to successfully implement disruptive business models.Design/methodology/approachData were gathered from 292 customers in Western Europe. The conceptual framework was tested using partial least square structural equation modeling.FindingsManaging disruptions in the digital age is closely related to the fact that the existing trust in buyer-seller relationships is not enough to accept IoT projects. A company’s digitalization capabilities, satisfaction with the existing relationship and trust in the IoT credibility of the manufacturer drives the perceived value of IoT-based business models in B2B settings. Contrastingly, in B2G settings, money is less important.Research limitations/implicationsResearch refers to one business field, the data set is of European origin only. Findings indicate that the drivers to engage in IoT-related projects differ significantly between the customer groups and therefore require different marketing management strategies. Saving time today is more important to B2G buyers than saving money.Practical implicationsThe disparate nature of B2B and B2G buyers indicates that market segmentation and targeted marketing must be considered before joint-venturing in IoT business models. To joint venture supply chain partners co-creating value in the context of IoT-related business models, relationship management should be focused with buyers on the same footing, as active players and co-developers of a personalized experience in digital service projects.Originality/valueDiverging from established studies focusing on the relationship within a network of actors, this study defines disruptive business models and identifies its drivers in B2B and B2G relationships. This study proposes joint venturing with B2B and B2G customers to overcome the perceived risk of these IoT-related business models. Including customers in platforms and networks may lead to the co-creation of value in joint IoT projects.

Формування бізнес-моделей Інтернету речей за шаблоном ВМС

Формування бізнес-моделей Інтернету речей за шаблоном ВМС

Applying Frameworks for Cognitive Services in IIoT

The technology, which enables creating new types of products, processes and services (i.e., things), which outcomes alter traditional competition and industry boundaries and create new lasting value. The digitalization process uses digital technologies to provide the possibilities of new revenue and value-producing, i.e., it changes business models and offers new value propositions. This change is ongoing. The most important ten strategic technology trends in 2019 include Edge computing, Blockchain, event and data-driven strategies, Digital Twins, and the maintenance of transparency (i.e., traceability), Intelligent Apps and Analytics (Gartner 2018). In this paper, we experiment with the capabilities of intelligent applications to match the industrial business needs. This paper aims to bring insights closer to business objectives. Digitalization’s technological advantages can be achieved through data-driven strategies and wherein cognitive services are integrated into IoT (Internet of Things) and big data. We experiment with the Industrial IoT (IIoT) business models and value propositions to match the intelligent insights of cognitive solutions to business objectives. The IIoTs support and demand transparency and thus also data-driven objective insights, and because cognitive solutions can enhance insights on a product, a process or service and therefore provide measurable business objectives. Functional indicators enable interconnected smart things to collaborate.

Business model innovation through the application of the Internet-of-Things: A comparative analysis

The Internet-of-Things (IoT) empowers remote monitoring and management of the performance of machines, vehicles, processes, etc., which facilitate service business models. However, companies in emerging and transitional economies, in particular, face challenges when applying IoT, not only related to the use of technology, but especially regarding the need for a new business model. The main goal of this paper is to better understand emerging IoT business models in Vietnam through identifying and interpreting business model design options and choices. The case studies and their commonalities are used to perform a morphological analysis and create a generic IoT business model providing business model alternatives for each of the four business model dimensions. The research provides insights into the commonalities and discrepancies of IoT-based business models. Also, it provides a novel application of morphological analysis to business model innovation to create a generic business model for IoT applications in emerging markets.

Бізнес-моделі інтернету речей

Бізнес-моделі інтернету речей

IoT Business Model Development for Food Safety Monitoring System in the Poultry Slaughterhouse

Internet of Things (IoT) has changed the industrial direction and open a new opportunity for the food business. The food safety business took this technological leap to increase food safety in the industry. The technological leap focuses on the improvement of traceability system in order to guarantee the appropriate level of protection for biological and chemical hazards in the poultry slaughtering. Consumers’ concerns about food safety are the key to new technological businesses by using the internet platform and reengineer the computer system. The different business model for IoT provides a system building for new ventures. This paper aims to describe a new business based on a new internet technology development. An internet-based business on food safety notification for the slaughterhouse with regards to food safety hazards is the main business backbone. The system development will be based on a sensor and link with the android system that integrated conveyor system to detect the possible biological and chemical hazards. The future new business model of IoT system is integrated with HACCP sensors.

Building blocks for the development of an IoT business model

PurposePrevious studies have identified a variety of Internet of Things (IoT) business models and have recognised the complexity related to the application of IoT technologies in business, along with the potential of the modularity concept application in organisational design. The purpose of this paper is to identify the main building blocks for the development of a business model canvas for companies that adopt the IoT in their business.Design/methodology/approachFirst, the authors carried a systematic literature review to identify theoretical, experimental and practical IoT business model canvas recorded in the literature. Then, the authors identified and analysed the characteristics of the building blocks present in these canvas using a statistical cluster technique. Based on the outcomes, the authors proposed a framework with standard and optional modules to allow flexible arrangements and suit different IoT business goals.FindingsThe results revealed that the IoT business model canvas recorded in the literature had been grossly designed to attend two drivers: manufacture and service organisations. Therefore, based on the frequency of building blocks present in IoT business model canvas recorded in the literature, it has been proposed two flexible frameworks which can be tailored to accommodate the immense variety of possibilities offered by IoT technologies in manufacture and service business.Practical implicationsThe business model frameworks proposed in this research can support entrepreneurs structuring new IoT businesses or upgrading existing businesses.Originality/valueThis research offers a comprehensive IoT business model framework with their respective building blocks built from an extensive literature review.

Industrial internet of things business models in the machine-to-machine context

This study analyzes Industrial Internet of Things (IIoT) business models in the machine-to-machine (M2M) context. Thereby, it develops a conceptual framework to categorize different types of business model innovation for companies operating in the M2M business space. Business model innovations tend to cross multiple industries and drive ecosystems in which smart objects facilitate business models and service applications that are incrementally or radically novel in terms of their modularity or architecture. Our framework identifies four distinct types of IIoT business models: (I) Company-specific business models, (II) Systemic business models, (III) Value designs, and (IV) Systemic value designs. Moreover, it sheds light on different abstraction levels of business model building blocks and exposes the characteristics and differences in the value potential between the four business models. Finally, we advance the idea of ‘value design’ referring to business models of multiple actors coupled together, ultimately resulting in complex networks and ecosystems of diverse things, processes, and companies.

Research on the Connotation and Business Model of Internet of Things under the Background of Globalization

 With the advent of the fourth industrial revolution, the new generation of information technology industry represented by the Internet of Things has continually nurtured new business models and economic growth points, and created one after another IoT mythology, which greatly promoted the global socioeconomic development and transformation. IoT has increasingly become the new engine of the current global economic development. To this end, this paper starts with the concept and connotation of the Internet of Things, discusses the development and application of the global Internet of Things and the types and characteristics of the Internet of Things business model, and proposes the measures and countermeasures of the business model of the Internet of Things in the context of globalization.

The future of the Internet of Things: toward heterarchical ecosystems and service business models

PurposeThis study aims to understand their emergence and types of business models in the Internet of Things (IoT) ecosystems.Design/methodology/approachThe paper builds upon a systematic literature review of IoT ecosystems and business models to construct a conceptual framework on IoT business models, and uses qualitative research methods to analyze seven industry cases.FindingsThe study identifies four types of IoT business models: value chain efficiency, industry collaboration, horizontal market and platform. Moreover, it discusses three evolutionary paths of new business model emergence: opening up the ecosystem for industry collaboration, replicating the solution in multiple services and return to closed ecosystem as technology matures.Research limitations/implicationsIdentifying business models in rapidly evolving fields such as the IoT based on a small number of case studies may result in biased findings compared to large-scale surveys and globally distributed samples. However, it provides more thorough interpretations.Practical implicationsThe study provides a framework for analyzing the types and emergence of IoT business models, and forwards the concept of “value design” as an ecosystem business model.Originality/valueThis paper identifies four archetypical IoT business models based on a novel framework that is independent of any specific industry, and argues that IoT business models follow an evolutionary path from closed to open, and reversely to closed ecosystems, and the value created in the networks of organizations and things will be shareable value rather than exchange value.

Internet of Things Business Models in Ecosystem Context-Cases of Elevator Services

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.

Design of Internet of Things Business Model with Deep Learning Artificial Intelligence

Design of Internet of Things Business Model with Deep Learning Artificial Intelligence

Designing Service Business Models for the Internet of Things: Aspects from Manufacturing Firms

The increasing pervasiveness of the Internet of Things (IoT) has offered a wealth of business model opportunities. Many conventional product-based companies are seeking to increase their competitiveness by moving toward a service-based business model where IoT can bring tremendous opportunities. These traditional product-sales manufacturing firms are required to look at business models beyond their conventional product-focused, firm-centric core competence business model innovation and respond to fast changing digitalization dynamics focused on promoting service-centric solution availability instead of physical products. However, studies and literatures have not yet provided profound and actionable approaches to service business models in IoT-driven environments for manufacturing firms. This research aims to fill the gap and elaborate the guiding principle for designing service business models for the Internet of Things in manufacturing firms. The guiding principles are derived from illustration of value of the Internet of Things and systemic review of academic literatures focusing on IoT business models. Exemplary real-world IoT service business models cases are demonstrating the applicability of the proposed guiding principles. Evaluation of the applicability of guiding principles pertaining to the emerging context of IoT business model can enable researchers and practitioners to visualize and analyze service business model design in a structured and actionable way.