scholarly journals INTERNET OF THINGS BUSINESS MODELS

2016 ◽  
pp. 735-757 ◽  
Author(s):  
Hubert C.Y. Chan
Keyword(s):  
Internet Of Things ◽  
Business Models

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

2018 ◽  
Vol 33 (6) ◽  
pp. 749-767 ◽  
Author(s):  
Seppo Leminen ◽  
Mervi Rajahonka ◽  
Mika Westerlund ◽  
Robert Wendelin
Keyword(s):  
Internet Of Things ◽  
Business Model ◽  
Value Chain ◽  
Large Scale ◽  
Business Models ◽  
The Internet ◽  
Content Type ◽  
Industry Collaboration ◽  
New Business ◽  
The Internet Of Things

Purpose This study aims to understand their emergence and types of business models in the Internet of Things (IoT) ecosystems. Design/methodology/approach The 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. Findings The 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/implications Identifying 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 implications The 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/value This 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.

scholarly journals Designing Business Models for the Internet of Things

2014 ◽  
Vol 4 (7) ◽  
pp. 5-14 ◽  
Author(s):  
Mika Westerlund ◽  
Seppo Leminen ◽  
Mervi Rajahonka
Keyword(s):  
Internet Of Things ◽  
Business Models ◽  
The Internet ◽  
The Internet Of Things

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

Info ◽  
2016 ◽  
Vol 18 (2) ◽  
pp. 53-63 ◽  
Author(s):  
Torsten J Gerpott ◽  
Sebastian May
Keyword(s):  
Internet Of Things ◽  
Business Models ◽  
Business Development ◽  
Business Strategies ◽  
Product Portfolio ◽  
Sensors And Actuators ◽  
Content Type ◽  
Case Examples ◽  
Development Framework ◽  
Development Objectives

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.

Digital Retail and How Customer-Centric Technology is Reshaping the Industry

2018 ◽  
pp. 1560-1580 ◽  
Author(s):  
Pablo Penas Franco
Keyword(s):  
Internet Of Things ◽  
Business Model ◽  
Business Models ◽  
Customer Experience ◽  
Retail Industry ◽  
Brick And Mortar ◽  
Digital Disruption ◽  
Cloud Technologies ◽  
The Impact

This chapter explains the digital disruption that has occurred and is still happening in the retail industry. It explains the relative positions of the world's leading retailers Wal-Mart, Amazon and Alibaba and the business models of the two top online competitors. It focuses on the impact of SMAC (Social, Mobile, Analytics and Cloud) technologies and new retail trends enabled or boosted by technology such as omni-channel, customer experience, internet of things (IoT) and analytics, fulfillment and delivery. It deepens into IT and business model customer-centric design, the role of the customer and the store in the new digital retail and finishes with an assessment of ROI in retail digitization. The chapter concludes the fundamental IT-enabled changes of digital disruption are critical for all players, traditional brick-and-mortar retailers, pure online players and those with both an online and an offline presence.

Industrial Automation Using Internet of Things

2022 ◽  
pp. 355-383
Author(s):  
Samyak Jain ◽  
K. Chandrasekaran
Keyword(s):  
Internet Of Things ◽  
Business Models ◽  
Low Cost ◽  
Intelligent Manufacturing ◽  
Industrial Automation ◽  
Industrial Systems ◽  
Industrial Iot ◽  
New Business ◽  
Real Time Computing ◽  
Efficiency And Productivity

This chapter presents a comprehensive view of Industrial Automation using internet of things (IIoT). Advanced Industries are ushering in a new age of physical production backed by the information-based economy. The term Industrie 4.0 refers to the 4th paradigm shift in production, in which intelligent manufacturing technology is interconnected with physical machines. IIoT is basically a convergence of industrial systems with advanced, near-real-time computing and analytics, powered by low cost and low power sensing devices leveraging global internet connectivity. The key benefits of Industrial IoT systems are a) improved operational efficiency and productivity b) reduced maintenance costs c) improved asset utilization, monitoring and maintenance d) development of new business models e) product innovation and f) enhanced safety. Key parameters that impact Industrial Automation are a) Security b) Data Integrity c) Interoperability d) Latency e) Scalability, Reliability, and Availability f) Fault tolerance and Safety, and g) Maintainability, Serviceability, and Programmability.

scholarly journals The Role of Internet of Things on the Development of Ports as a Holder in the Supply Chain

2018 ◽  
Vol 54 (1) ◽  
pp. 61-73
Author(s):  
Mladen Jardas ◽  
Čedomir Dundović ◽  
Marko Gulić ◽  
Katarina Ivanić
Keyword(s):  
Supply Chain ◽  
Internet Of Things ◽  
Information Transfer ◽  
Information Technologies ◽  
Business Models ◽  
Business Processes ◽  
New Technology ◽  
Supply And Demand ◽  
Business Environment ◽  
Weak Links

The new technology greatly affects the way of production, consumption, communication, service delivery and ultimately on the entire supply chain. All stakeholders in the business process must invest in new knowledge and develop new business models to adapt to the changing business environment. Connecting devices over internet (Internet of things) and stakeholders’ synergy open up opportunities for new market achievements as well as for the improvement of business processes both in the supply chain and in ports. The development of information technologies has an impact on the reduction of errors, costs, time of information transfer and transport, inventory reduction and thus on better customization. There should be no weak links in the supply chain, which is especially related to the port and port processes that are the basis of the supply chain network. The port is the core of all activities of the supply chain and is also a place where supply and demand meet.

scholarly journals Security Issues and Software Updates Management in the Industrial Internet of Things (IIoT) Era

Sensors ◽  
2020 ◽  
Vol 20 (24) ◽  
pp. 7160
Author(s):  
Imanol Mugarza ◽  
Jose Luis Flores ◽  
Jose Luis Montero
Keyword(s):  
Internet Of Things ◽  
Business Models ◽  
Service Providers ◽  
Leading Edge ◽  
Cyber Attacks ◽  
Industrial Internet Of Things ◽  
Safety Standards ◽  
Security Issues ◽  
Industrial Internet ◽  
Software Updates

New generation Industrial Automation and Control Systems (IACS) are providing advanced connectivity features, enabling new automation applications, services and business models in the Industrial Internet of Things (IIoT) era. Nevertheless, due to the extended attack surface and increasing number of cyber-attacks against industrial equipment, security concerns arise. Hence, these systems should provide enough protection and resiliency against cyber-attacks throughout their entire lifespan, which, in the case of industrial systems, may last several decades. A sound and complete management of security issues and software updates is fundamental to achieve such goal, since leading-edge security countermeasures implemented in the development phase may eventually become out-of-date. In this article, a review of the IEC 62443 industrial security standard concerning the security maintenance of IIoT systems and components is given, along with guidelines for the implementation of such processes. As concluded, the security issues and software updates management shall jointly be addressed by the asset owner, service providers and product suppliers. These security processes should also be compatible with the safety procedures established by safety standards.

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