Opportunities For Value Creation Research Articles

The Metaverse Flywheel: Creating Value across Physical and Virtual Worlds

This study presents a metaverse flywheel model providing insights into how the emerging layered modular architecture of the metaverse can enable new types of value-creation opportunities for organizations. Based on interviews with early metaverse adopters and innovators, this article identifies three key metaverse affordances: prospection of future conditions, persistence of editable and evolving virtual spaces, and integration between virtual and physical worlds. The findings enhance the nascent metaverse literature by highlighting that new organizing logics are required for metaverse-specific value creation, which goes beyond the previous generation’s isolated 3D models and other interfaces.

5G IoT Networks

The abstract delves into how the advent of 5G is revolutionizing the Internet of Things (IoT) across various industries, with a particular focus on its ability to provide ultra-low latency, high data rates, and support for a massive number of connected devices, enabling real-time data transmission. It highlights the mutually beneficial relationship between 5G and IoT, which is driving innovation in sectors such as smart cities, healthcare, agriculture, and transportation. The abstract also addresses important challenges like security and interoperability, emphasizing the need for strategic deployment of 5G-enabled IoT solutions. Furthermore, it explores the potential of edge computing and AI-driven analytics to unlock new possibilities in IoT implementations. In summary, the abstract underscores the transformative power of 5G in shaping IoT ecosystems, offering unparalleled opportunities for innovation, efficiency, and value creation.

Circular Economy Principles and Their Integration into Global Supply Chain Strategies

The concept of circular economy has gained significant traction in recent years as a holistic approach to sustainable development and resource management. This review explores the principles of circular economy and their integration into global supply chain strategies. The transition from a linear 'take-make-dispose' model to a circular model focused on resource recovery, reuse, and regeneration is driving a paradigm shift in how businesses operate and manage their supply chains. Key principles of circular economy, including designing out waste and pollution, keeping products and materials in use, and regenerating natural systems, are examined in the context of supply chain management. Strategies for implementing circular economy principles across various stages of the supply chain, from product design and manufacturing to distribution, consumption, and end-of-life management, are discussed. The review highlights the benefits of adopting circular economy principles in supply chain strategies, including reduced resource consumption, waste reduction, cost savings, and enhanced resilience to external shocks. Case studies and examples from diverse industries illustrate successful implementation of circular economy principles in supply chain management, demonstrating tangible environmental, social, and economic benefits. Challenges and barriers to the adoption of circular economy principles in global supply chains are also addressed, including regulatory hurdles, technological limitations, and cultural barriers. Strategies for overcoming these challenges and promoting a circular mindset among stakeholders are explored, emphasizing the importance of collaboration, innovation, and cross-sector partnerships. The integration of circular economy principles into global supply chain strategies offers significant opportunities for sustainable growth, resilience, and value creation. By embracing the principles of circularity, businesses can unlock new sources of competitive advantage while contributing to the transition towards a more sustainable and regenerative economy. Keywords: Circular Economy, Supply Chain, Sustainability, Integration, Challenges, Opportunities.

Sensors capabilities as a creativity tool for engineering product design

Smart and connected physical products enable numerous novel value creations based on embedded sensor data. However, during the product design process, it appears that these value-creation opportunities are not sufficiently explored. To address this gap, a general and accessible ideation tool is proposed to structure a systematic exploration. The tool has been developed from the data sheets of a large number of various embedded sensors. A non-exhaustive list of 14 main sensor capabilities was thus structured to form the core of the tool. During the creative phases of product design, these capabilities are combined with a convenient set of inputs to support the generation of value-creation concepts. A focus group to evaluate the tool was carried out with a medium-sized manufacturer of connected shared city bikes. Expert product designers generated concepts with and without the tool. The results of the experiment suggest that the tool enables the generation of concepts that are more novel and of better quality in comparison to traditional ideation approaches. In addition, participants reported a high level of appreciation for the tool. They also noted a high level of creative exploration and collaboration facilitated by the tool.

REVIEWING THE TRANSFORMATIONAL IMPACT OF EDGE COMPUTING ON REAL-TIME DATA PROCESSING AND ANALYTICS

Edge computing has emerged as a pivotal paradigm shift in the realm of data processing and analytics, revolutionizing the way organizations handle real-time data. This review presents a comprehensive review of the transformational impact of edge computing on real-time data processing and analytics. Firstly, the review delves into the fundamental concepts of edge computing, elucidating its architectural framework and highlighting its distinct advantages over traditional cloud-centric approaches. By distributing computational resources closer to data sources, edge computing mitigates latency issues and enhances responsiveness, thereby enabling real-time data processing at the edge. Furthermore, this review explores how edge computing facilitates the seamless integration of analytics capabilities into edge devices, empowering organizations to derive actionable insights at the source of data generation. Leveraging advanced analytics algorithms, such as machine learning and artificial intelligence, edge computing enables autonomous decision-making and predictive analytics in real time, fostering innovation across diverse industry verticals. Moreover, the review examines the transformative implications of edge computing on various sectors, including healthcare, manufacturing, transportation, and smart cities. By enabling localized data processing and analytics, edge computing enhances operational efficiency, ensures data privacy and security, and unlocks new opportunities for business optimization and value creation. This review underscores the profound impact of edge computing on real-time data processing and analytics, revolutionizing the way organizations harness data to drive informed decision-making and gain competitive advantage in today's dynamic business landscape. As edge computing continues to evolve, its transformative potential is poised to redefine the future of data-driven innovation and digital transformation.
 Keywords: Edge, Computing, Analytics, Data, Impact, Review.

تكامل تقنية البلوكتشين في إدارة سلسلة التوريد المستدامة

Supply chain sustainability (SCS) aims to create long-term economic, social, and environmental value. Blockchain. Technology (BT), as a foundational technology, represents a significant development in the advancement of sustainability in the .Supply .Chain (SC). Research on the potential .impact of BT on SCS is still limited, despite its growing role in improving SC efficiency and societal changes. The main objective of this study .is to fill this knowledge.Gap by synthesizing existing literature. Most studies focus on the economic implications of blockchains, highlighting their transformative potential, including the creation of new economic models, increased operational efficiency, economic advantages, and opportunities for value creation. However, BT also offers social benefits, fostering trust among partners, enhancing food safety, supporting humanitarian logistics, and promoting social equity. Additionally, it can contribute to environmental efforts by reducing pressure on energy and natural resources and enabling the creation of environmentally friendly products. In conclusion, BT has the potential to bring about significant changes in .the .economic, .social, and .environmental .dimensions of .SCS. Keywords: Supply Chain, .Blockchain Technology, Supply Chain Sustainability.

Designing incentive systems for participation in digital ecosystems—An integrated framework

Digital ecosystems are a highly relevant phenomenon in contemporary practice, offering unprecedented value creation opportunities for both companies and consumers. However, the success of these ecosystems hinges on their ability to establish the appropriate incentive systems that attract and engage diverse actors. Following the notion that setting “the right” incentives is essential for forming and growing digital ecosystems, this article presents an integrated framework that supports scholars and practitioners in identifying and orchestrating incentives into powerful incentive systems that encourage active participation and engagement. This framework emphasizes the importance of understanding how individuals and groups are motivated to engage in the ecosystem to incentivize them effectively. To demonstrate its applicability and value, we show its application in the context of an emergent digital ecosystem within the Smart Living domain.

DIGITAL CONVERGENCE AND VALUE CREATION: TVONE’S STRATEGIC ADAPTATION TO THE DIGITAL LANDSCAPE

In the wake of the Analog Switch Off (ASO) in Indonesia since November 2022, the traditional television industry faces significant challenges, including a decline in viewership and a fiercely competitive advertising market. With over 40 digital channels available in Jakarta alone, compared to just 11 national television stations previously, and the growing dominance of digital media, traditional broadcasters are compelled to adapt. This study focuses on tvOne, a conventional television broadcaster, and its strategic responses to these challenges. Our research methodology employs a qualitative approach in order to extract valuable and insightful information from highly knowledgeable sources. To achieve this, we have conducted interviews with seasoned policymakers in tvOne's business strategy, as well as with professionals working in the digital division. By doing so, we aim to obtain a comprehensive understanding of the subject matter at hand. This will enable us to present a comprehensive and accurate report that will benefit the industry as a whole. The analysis reveals how tvOne leverages media convergence to transform digital threats into opportunities for value creation. Specifically, it explores tvOne's use of news broadcast footage and digital platforms like YouTube to carve out new economic niches. This case study contributes to the understanding of how television stations can utilize technology advancements to enhance the value of their offerings. It offers valuable strategies and recommendations for broadcasters navigating the rapid technological evolution in the digital era, underscoring the importance of adaptation and innovation in sustaining relevance and competitiveness

Bayesian change point prediction for downhole drilling pressures with hidden Markov models

AbstractIn the drilling of oil wells, the need to accurately detect downhole formation pressure transitions has long been established as critical for safety and economics. In this article, we examine the application of Hidden Markov Models (HMMs) to oilwell drilling processes with a focus on the real time evolution of downhole formation pressures in its partially observed state. The downhole drilling pressure system can be viewed as a nonlinear, non‐degrading stochastic process whose optimum performance is in a region in its warning state prior to random failure in time. The differential pressure system is modeled as a hidden 3 state continuous time Markov process. States 0 and 1 are not observable and represent the normally pressured (initiating ) and abnormally pressured or warning (reducing ) states respectively. State 2 is the observable failure state (from negative and loss of well control). The signal process of the evolution of differential pressure is identified in the changes in the observable rate of penetration (ROP) encoded in drilling performance data. The state and observation parameters of the HMM are estimated using the Expectation Maximization (EM) algorithm and we show, for a univariate system with a depth dependent time relationship, that the model parameter updates of the EM algorithm equation have explicit solutions. A Bayesian inference model, to determine the safety threshold of the system and early failure prediction at each sampling epoch, is thereafter proposed. The application of our stochastic model of the dynamic evolution of downhole pressures in operational time is illustrated with a hindcast case example. The analysis showed strong early indication of probable failure in real time and was validated in the field post drilling system failure that resulted in significant recovery costs. The potential to predict the differential pressure state transitions ahead of the bit represents a capability not currently available in the industry. This opens up significant opportunity for value creation from optimizing drilling operations to deliver substantial savings in well construction costs.

The dark side of the circular economy: The value uncaptured in bioeconomy business models

The bioeconomy, grounded in the shift from fossils to bio-based resources, plays an important role in the Net Zero 2050 scenario. However, even if rooted in circular thinking, bioeconomy business models are not free from environmental, social, and economic concerns. This paper deals with the causes of the unsustainability of business models in the biofuels sector, embracing an unconventional approach that focuses on the uncaptured value. The value uncaptured is the negative aspect of value, and it consists of creating too much or not enough value during the product lifecycle. Value uncaptured can threaten the sustainability of circular business models, which is why it constitutes the ‘dark side’ of circular strategies. Starting from a gap in the existing literature and supported by theoretical background, this study aims to suggest a theoretical framework to identify the causes of the negative value in the biofuel sector. The paper uses a qualitative tool, namely a case study analysis. The findings reveal that circular business models can suffer from value uncaptured, which can take the form of value absence, value destroyed, value surplus, and value missed. Identifying these forms of value can transform them into opportunities for value creation. These results enrich the research on the circular economy with a new and unconventional approach. The elaborated theoretical framework can become a qualitative tool to identify what causes companies’ circular business models to underperform.

Circular economy implementation in operations & supply chain management: Building a pathway to business transformation

Our aim is to understand the circular economy (CE) transformation challenge and the synergies with operations & supply chain management (OSCM). CE represents a major industry transformation from linear production to circular value creation where products, components and resources are maintained at the highest value for the longest period. Yet despite OSCM’s long association with reverse logistics, the practical means of CE implementation is lacking where business transformation means systemic innovation not incremental change. Our method is to adopt a longitudinal approach where rich data from over 1000 senior practitioners on interactive events identifies 3 stages comprising of identification, initiation, and implementation, and reveals why some companies move between the stages and others become stuck. We illustrate these stages and the successful pathways used in 5 industry cases: Philips, Schweizer Bundesbahn, Renault, Ricoh, and Steelcase. Rather than develop new tools, we present a framework for implementing CE using business elements which are grounded in everyday practice and part of a taxonomic process that is continuously tested over time. We find successful CE implementation requires attention to product design, underlying business models, reverse flow management and enabling conditions (e.g. policy, finance), unlocking new sources of circular value creation and capture. There is no one-size-fits-all model for successful initiation and implementation of CE, but rather a continuous process of identifying value leakage and creation opportunities, progressive initiation of pilots, evaluation of business outcomes, and ability to manage risks associated with complexity and scaling. Our contribution views the challenge as a complex pathway consisting of configuring CE building blocks whose business transformation hallmarks are reflected in architectural change and systemic innovation.

How Business Can Prosper by Building a Better World: A Strengths-Based Approach to Co-Creating Mutual Value

Businesses could, in partnership with their stakeholders, do even better than they are by identifying and capturing new value-creation opportunities that directly address the 17 UN development goals. Co-creating Mutual Value is an approach to using the positive core of a business, its ecosystem, and engagement of all voices.

Impacts of energy communities on tourism: benefits and functions towards green transition

Purpose The purpose of this paper is to draw attention to energy communities (ECs) in the tourism domain as voluntary initiatives combining noncommercial aims with environmental and social community objectives. ECs offer a range of potential benefits for local communities, tourism providers and destinations, including reduced energy costs, enhanced sustainability practices and a unique selling point for attracting environmentally conscious tourists. Design/methodology/approach This perspective paper uses a narrative literature review of academic papers, the primary European Union legislation relevant to ECs and online articles to provide an analysis of the current landscape. Findings This paper presents the typical benefits, categorized into financial, social and environmental, members of ECs can experience. Highlights include the possible functions of ECs for tourism providers and destinations. In addition to reinforcing sustainable practices, ECs create opportunities for regional value creation, exerting a strong potential to influence destination development. They can become an integral part of governing tourism destinations, driving green social innovation and contributing to tourism branding. Originality/value This paper provides early recognition and a clear articulation of the benefits and possible functions ECs offer to the tourism domain. By highlighting their potential positive impact on the environment, society, tourism businesses and policy, this research encourages further investigation in this field.

Reflecting on the creation of the Market Opportunity Navigator (4th tool in the Lean Startup)

Formally recognized as the 4th tool in the Lean startup toolset, the Market Opportunity Navigator supports the identification and exploitation of market opportunities for value creation and growth in new and established firms (“Where to Play?”). To date, this business tool has been used by tens of thousands of firms as well as educators, mentors, and consultants. In this article, we reflect on the process of creating the tool, show how it is grounded in theory and empirical evidence, provide insights on the development of supporting materials, and discuss our efforts in bringing the tool to its target markets. Our reflections seek to advance understanding of how design science allows researchers to move beyond their accustomed roles as analysts of existing artifacts by engaging in the creation of new artifacts. In effect, by designing, launching, and marketing a new business tool, researchers can embark on their very own entrepreneurial journey.

Investigating the Potential Adoption of Product-Service Systems in the Luggage Industry to Promote Sustainability

The travel-goods industry is an essential part of the larger travel and tourism sector, but it allegedly creates significant environmental impacts due to resource and energy consumption. This study investigates the potential of the product-service system (PSS) models to promote the transition to a sustainable travel industry in the future. It explores the drivers and barriers to PSS adoption within the luggage industry from a theoretical perspective and identifies opportunities for value creation using both consumer and luggage industry viewpoints. Four hypothetical PSS models are developed to highlight different pathways to PSS adoption, underpinned with empirical data collected via a consumer survey and semi-structured interviews with industry experts. Even though the analysis revealed shifting consumer attitudes towards servitisation concepts within the travel-goods market, at present, the widespread adoption of PSS is hindered by the fragmented nature of global supply chains and entrenched ownership values. Addressing supply chain issues in a way that empowers end-of-life systems to sustainably manage products beyond their functional obsolescence is critical. In parallel, product-oriented PSS models are more likely to increase, driven by a burgeoning resale market and supported by digital technologies, which in turn can lead to greater prospects for use-oriented PSS adoption in the long-term that would eventually promote sustainability.

Decoding the data economy: a literature review of its impact on business, society and digital transformation

PurposeThe data economy, emerging from the current hyper-technological landscape, is a global digital ecosystem where data is gathered, organized and exchanged to create economic value. This paper aims to shed light on the interplay of the different topics involved in the data economy, as found in the literature. The study research provides a comprehensive understanding of the opportunities, challenges and implications of the data economy for businesses, governments, individuals and society at large, while investigating its impact on business value creation, knowledge and digital business transformation.Design/methodology/approachThe authors conducted a literature review that generated a conceptual map of the data economy by analyzing a corpus of research papers through a combination of machine learning algorithms, text mining techniques and a qualitative research approach.FindingsThe study findings revealed eight topics that collectively represent the essential features of data economy in the current literature, namely (1) Data Security, (2) Technology Enablers, (3) Business Implications, (4) Social Implications, (5) Political Framework, (6) Legal Enablers, (7) Privacy Concerns and (8) Data Marketplace. The study resulting model may help researchers and practitioners to develop the concept of data economy in a structured way and provide a subset of specific areas that require further research exploration.Practical implicationsPractically, this paper offers managers and marketers valuable insights to comprehend how to manage the opportunities deriving from a constantly changing competitive arena whose value is today also generated by the data economy.Social implicationsSocially, the authors also reveal insights explaining how the data economy features may be exploited to build a better society.Originality/valueThis is the first paper exploring the data economy opportunity for business value creation from a critical perspective.

EXPLORING THE ROLE OF DYNAMIC ENVIRONMENTS ON THE FIRMS’ INNOVATION PERFORMANCE: MEDIATING ROLES OF TECHNOLOGY AND MARKET-SENSING CAPABILITY

Purpose: This study aims to analyse the influence of dynamic environments on technology and market-sensing capability. It also aims to examine the influence of technology and market-sensing capability on innovation performance. Besides, it aims to explore the influence of innovation performance on the organisation’s financial performance. It also aims to examine the influence of technology and market-sensing capability on the organisation’s financial performance. Design/methodology/approach: The research model was tested using a structural equation modelling design based on survey data from 183 Saudi companies from different sectors, used by software (SPSS v. 28 and SmartPLS v. 4). Findings: This study shows that dynamic environments strongly influence both financial and innovation performance. However, this study shows that innovation performance does not directly affect financial performance. Furthermore, this study shows that dynamic environments strongly influence both technology and market-sensing capability. Likewise, this study shows that both technology and market-sensing capability strongly influence financial performance. However, this study shows that both technology and market-sensing capability do not directly affect innovation performance. Originality/value: This study has demonstrated that dynamic environments will have a direct effect on the financial performance of companies by compelling them to allocate their resources more strategically and flexibly in order to adapt to the changing and unpredictable conditions of dynamic environments. Moreover, this study has also demonstrated that dynamic environments will have a direct effect on the technology and market-sensing capability of organisations. This will motivate organisations to gather and analyse information about customers, competitors, and market trends, and to use this information to identify and exploit opportunities for innovation, differentiation, and value creation for customers and stakeholders. In addition to the previous findings, this study has also shown that dynamic environments will improve the technology and market-sensing capability of organisations. This will inspire organisations to collect and analyse information about the needs, preferences, and behaviours of customers, the strategies, actions, and strengths of competitors, and the trends, opportunities, and threats of the market, and to use this information to recognize and leverage opportunities for innovation, differentiation, and value creation for customers and stakeholders. Furthermore, this capability allows organisations to use their dynamic capabilities to innovate with their resources and competencies, which are essential for gaining competitive advantage and superior performance in dynamic environments.

Stakeholder management: evidence on the performance of publicly traded companies

Purpose: This study consists of empirical evidence from stakeholder management in the performance indicators of publicly traded companies. Design/methodology/approach: The methodological framework was quantitative, and the Mann-Whitney U test was used in order to make comparisons between groups (with/without stakeholder management). Findings: As a result, there is the empirical evidence of stakeholder management in the discussion of value creation and organizational performance. Research implications: This study advances in the empirical discussion of the relationship between stakeholders and the company in the orientation of value creation, since it provides statistical evidence that the stakeholder management has influence on the performance of companies. Research limitations: As a limitation, the study has the composition of the sectors, which can be expanded in future research, for all sectors of the BM&F Bovespa, including the 362 companies. A sample with several sectors can improve the inferences. Practical implications: The study improves the understanding that it is not the fact that it belongs to the index, as it is the case of ISE-GRI, that the company's results point to a superior performance of those that do not belong, but the effective management of stakeholders for a positive result in the short and long term, as it was evidenced in this study. Originality/value: It also demonstrates the empirical evidence of issues, until then dealt with in the theoretical field, but with no direct relationship with a set of companies, as well as supporting the idea that the creation of connections between companies and stakeholders open invisible opportunities for value creation.

The role of prototyping and co-creation in circular economy-oriented innovation: A longitudinal case study in the kitchen industry

To bridge the gap between the conceptualisation and implementation of circular value propositions, recent research efforts have focused on linking design-driven approaches with circular-oriented innovation. Such approaches can facilitate iterative processes that emphasise co-creation, prototyping, and real-life experimentation, ultimately promoting practical implementation. Still, there is a lack of understanding how companies go through the process of circular-oriented innovation, and how prototyping and co-creation support this process. This article presents a longitudinal case study of a four-year research project in which two academic teams, from Sweden and the Netherlands, collaborated with industrial partners to explore the potential of circular economy principles within the kitchen industry and develop a market-ready circular kitchen. The results indicate that prototyping plays a supportive role in the circular-oriented innovation process by making the concept of a circular economy tangible for stakeholders, facilitating knowledge exchange, and supporting overall developments towards collaborative circular supply chains. However, prototyping too early in the process linked to project deliverables carries a risk for ‘prototype fixation’, fragmented solutions, and missed opportunities for shared value creation. Co-creation was found particularly impactful during the early stages of circular-oriented innovation where it helped guide the project, enabled shared learning, built confidence and commitment amongst stakeholders, and supported the development of solutions tailored to demands of parties involved. The case study provides deeper insights on the role of prototyping and co-creation through diverse stages of the circular-oriented innovation process and extracts several lessons that might aid researchers and practitioners to navigate future circular-oriented innovation endeavours.

Technology entrepreneurship in healthcare: Challenges and opportunities for value creation

The healthcare industry is nowadays increasingly forced to adapt to new fast-paced changes, despite its conservatism. Indeed, the number of new technology entrepreneurs and technology value is increasing. In this study, we use modern literature and illustrative cases to identify patterns of technological value creation in the healthcare industry with the purpose to form an understanding of the challenges and opportunities for technology entrepreneurs. Hence, we propose a new challenges-opportunities framework for understanding technology entrepreneurship (i.e., technology innovation, technology proactivity, and technology risk-taking) as a foundation for value creation concerning the needs of patients, medical personnel and hospitals, and the whole industry. We also end the article by outlining practical implications at the micro-level (i.e., patient advocacy and technology-enabled engagement strategies), meso-level (i.e., digital health solutions and motivation for collaboration), and macro-level (i.e., trust building and infrastructure).