scholarly journals Applying a Structured Industry Model Development Process to Support Digital Transformation Efforts

2022 ◽  
Vol 20 (1) ◽  
pp. 0-0
Keyword(s):  
Development Process ◽  
Business Models ◽  
Design Science ◽  
Model Development ◽  
Academic Research ◽  
Digital Transformation ◽  
Strategic Decision ◽  
Future Research ◽  
Holistic View ◽  
Model Development Process

While business models transformed how we describe organizations, the authors apply equivalent modeling to describe industries. Specifically, the authors propose and implement a structured industry model development process (SIMDP) based on the design science research methodology (DSRM). Moreover, our novel approach conceptualizes an industry model scaffolded through academic research and managerial guidance. An industry model creates a holistic view of any target industry to a) guide digital transformation efforts, b) reveal model components and linkages that may not be immediately evident, and c) support strategic decision-making within organizations considering the expansion and refinement of existing business models. The authors demonstrate the SIMDP’s efficacy using a case study of the online learning industry and evaluate the resulting industry model. Finally, the authors suggest future research directions and discuss the practical implications of the SIMDP and its resulting artifacts.

scholarly journals A tool to model and simulate dynamic business models

2020 ◽  
Author(s):  
Norman Schaffer ◽  
Martin Engert ◽  
Girts Leontjevs ◽  
Helmut Krcmar
Keyword(s):  
Business Model ◽  
Business Models ◽  
Web Applications ◽  
Design Science ◽  
Science Research ◽  
Software Tools ◽  
Strategic Decision ◽  
Future Research ◽  
Great Promise ◽  
Model Components

Software tools hold great promise to support the modeling, analyzing, and innovation of business models. Current tools only focus on the design of business models and do not incorporate the complexity of existing interdependencies between business model components. These tools merely allow simulating inherent dynamics within the models or different strategic decision scenarios. In this research, we use design science research to develop a prototype that is capable of modeling and simulating dynamic business models. We use system dynamics as a simulation approach and containers to allow deployment as web applications. This paper represents the first of three design cycles, realizing six out of 59 requirements that are collected from the literature on software tools for business models. We contribute toward the design of novel artifacts for business model innovation as well as their evaluation. Future research can use these results to build tools that consider and address the complexity of business models. Lastly, we present several options for extending the proposed tool in the future.

scholarly journals Strategic Business Model Development in Ecosystems

2021 ◽  
Author(s):  
◽  
Dominik Mann
Keyword(s):  
Business Model ◽  
Development Process ◽  
Business Models ◽  
Model Development ◽  
Entrepreneurial Ventures ◽  
And Performance ◽  
Integration Strategies ◽  
Model Components ◽  
Business Model Development ◽  
Model Development Process

<p>Designing and strategically developing viable business models is vital for value creation and capture and in turn for the survival and performance of entrepreneurial ventures. However, the widely held firm-centric and static business model perspective appears inadequate to reflect the realities of increasingly blurred industry boundaries, interconnected economies, and the resulting collapse of incumbent value chains. This PhD thesis adds understanding of the dynamic business model development process from an ecosystem perspective. The evolution of ten entrepreneurial ventures’ business models was documented and investigated through longitudinal in-depth case studies over twelve months. Analysing and comparing the cases revealed strategies that resulted in the development of effective interactive structures and robust value co-creation and capture mechanisms. The development of interactive structures, i.e. firm-ecosystem fits, was either supported by a focused or diversified ecosystem integration approach underpinned by heterogeneous interdependencies of value proposition and business model components across ecosystems. The obtained insights allowed the derivation of sets of capabilities that supported the business model development process and enhanced entrepreneurial ventures’ chances of survival. The findings have several implications for advancements of the business model theory. In particular they indicate what integration strategies can inform entrepreneurs’ and managers’ business model design and execution strategies for operating in increasingly complex ecosystems.</p>

Building business models through simple rules

2018 ◽  
Vol 26 (4) ◽  
pp. 361-378 ◽  
Author(s):  
Sunny Li Sun ◽  
Jianqiang Xiao ◽  
Yanli Zhang ◽  
Xia Zhao
Keyword(s):  
Business Model ◽  
Development Process ◽  
Business Models ◽  
Model Development ◽  
Thick Description ◽  
Content Type ◽  
Simple Rules ◽  
Market Feedback ◽  
Business Model Development ◽  
Model Development Process

Purpose How do entrepreneurs use simple rules to build their business models? Based on an inductive study of three Chinese Internet and technology firms, the authors find that business models emerge from simple rules that entrepreneurs learn from their experience. Simple rules also guide entrepreneurs to actualize and exploit opportunities in the marketplace, and they can help business models evolve through market feedback, especially in internationalization. This paper aims to delve into the black box of entrepreneurial decision-making and offer a better depiction of the business model development process in uncertain and fast-changing environments and thus provide guidance for future entrepreneurs. Design/methodology/approach Following the case method (Eisenhardt, 1989; Yin, 2003), the authors first present a thick description of characteristics of three companies and the dynamics of their business models. They then code these descriptions into first-order measures. Finally, they aggregate these measures into abstract constructs. They constantly compare the theoretical constructs and the emerging theory with the existing literature on business models. Findings The authors generate three key insights from the findings: business models emerge from simple rules learned from entrepreneurs’ experience, simple rules help entrepreneurs exploit and actualize opportunities in the marketplace and simple rules help businesses expand and evolve business models through market feedback, especially in internationalization. Originality/value This paper falls into the intersection of strategy and entrepreneurship – an emerging new field of strategic entrepreneurship – and is concerned with how businesses create and sustain a competitive advantage while simultaneously identifying and exploiting new opportunities. The authors bring people – the individual decision-makers for businesses – back in strategy research and depict a more realistic picture of the behavior of successful entrepreneurs and their business model development process.

scholarly journals Strategic Business Model Development in Ecosystems

2021 ◽  
Author(s):  
◽  
Dominik Mann
Keyword(s):  
Business Model ◽  
Development Process ◽  
Business Models ◽  
Model Development ◽  
Entrepreneurial Ventures ◽  
And Performance ◽  
Integration Strategies ◽  
Model Components ◽  
Business Model Development ◽  
Model Development Process

<p>Designing and strategically developing viable business models is vital for value creation and capture and in turn for the survival and performance of entrepreneurial ventures. However, the widely held firm-centric and static business model perspective appears inadequate to reflect the realities of increasingly blurred industry boundaries, interconnected economies, and the resulting collapse of incumbent value chains. This PhD thesis adds understanding of the dynamic business model development process from an ecosystem perspective. The evolution of ten entrepreneurial ventures’ business models was documented and investigated through longitudinal in-depth case studies over twelve months. Analysing and comparing the cases revealed strategies that resulted in the development of effective interactive structures and robust value co-creation and capture mechanisms. The development of interactive structures, i.e. firm-ecosystem fits, was either supported by a focused or diversified ecosystem integration approach underpinned by heterogeneous interdependencies of value proposition and business model components across ecosystems. The obtained insights allowed the derivation of sets of capabilities that supported the business model development process and enhanced entrepreneurial ventures’ chances of survival. The findings have several implications for advancements of the business model theory. In particular they indicate what integration strategies can inform entrepreneurs’ and managers’ business model design and execution strategies for operating in increasingly complex ecosystems.</p>

Digital transformation of organizations: what do we know and where to go next?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Monika Jedynak ◽  
Wojciech Czakon ◽  
Aneta Kuźniarska ◽  
Karolina Mania
Keyword(s):  
Literature Review ◽  
Systematic Literature Review ◽  
Business Models ◽  
Grey Literature ◽  
Blind Spot ◽  
Digital Transformation ◽  
Academic Disciplines ◽  
Future Research ◽  
Content Type ◽  
Management Domain

PurposeThe purpose of this paper is to identify the development of the digital transformation literature and to the systematic literature review methodology.Design/methodology/approachThe authors run a systematic literature review, followed by a rigorous thematic analysis of both academic and grey literature dataset, in order to develop a conceptual map of organizations' digital transformation. The authors aggregate the concepts and topics identified across the literature to find that they overwhelmingly tackle digital business models. At the same time, the authors identify a major blind spot resulting from ignoring the organization itself as a unit of analysis.FindingsThe findings show that developing a digital theory of the organization or the theory of digitally transformed organization is a major challenge to management researchers. The analysis exposed numerous research gaps that can be helpful for future research directions.Originality/valueDigital transformation research enjoys an increasingly rapid rise to recognition across many academic disciplines and strongly impacts the management domain. adopt the view that published documents reflect the collective understanding of a phenomenon. This paper contributes to filtering the digital transformation literature, clarify complex relation between digital transformations of organizations and identify the key blind points.

The changing role of marketing: Digital transformation of marketing

2020 ◽  
pp. 77-94
Author(s):  
Storbacka Robert ◽  
Kaj Anold
Keyword(s):  
Business Models ◽  
Academic Research ◽  
Marketing Research ◽  
Digital Transformation ◽  
Digital Marketing ◽  
Technology Firms ◽  
Back Office ◽  
Changing Role ◽  
Channel Environment

Digitalization affects every aspect of a firm’s business model–from front-end to back-office, from how firms create value for their customers to how they capture value– and doing so can reshape every facet of the firm. By adapting their business models to the possibilities of technology, firms are facing an accelerating transformation of their activities, offering new opportunities for “out-of-the-box” development of new processes and tools, which effectively challenge deeply engrained functional silo- based thinking. Despite the ubiquity of digital transformation, much academic research still seems to take a functional view (Verhoef et al. 2019), where information systems look into the development and adoption of specific technologies (Nambisan et al. 2017) or analytics schemes (Davenport and Ronanki 2018), strategic management research focuses on understanding the role of new digitalized business models (Foss and Saebi, 2017), and marketing research focuses on what is generally called “digital marketing” or the development of an omni-channel environment (Verhoef et al. 2015; Lamberton and Stephen 2016; Kannan and Li 2017).

Emerging trends in digital transformation: a bibliometric analysis

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Raghu Nandan Chawla ◽  
Praveen Goyal
Keyword(s):  
Bibliometric Analysis ◽  
Business Models ◽  
Digital Technologies ◽  
Citation Network ◽  
Digital Transformation ◽  
Intellectual Structure ◽  
Future Research ◽  
Strategic Decisions ◽  
Content Type ◽  
Research Areas

PurposeUbiquitous digital technologies are driving organisations to embrace non-traditional digitally transformed business models incessantly. Heterogeneous literature contributions have resulted in a spur in the research related to business transformation driven by digital technologies in recent years; consequently, the research under the digital transformation (DT), even though becoming a hotspot, remains very fragmented. The authors endeavour to holistically present the literature's intellectual structure under DT as a concept, its evolving journey and the emerging research streams in the business and management domains using the techniques of bibliometric analysis.Design/methodology/approachBy performing bibliometric analysis on 234 research articles published over the last 20 years in the DT domain, retrieved from Thompson Reuters Web of Science TM, this study culls out thorough insights from the citation, co-citation and keyword analysis. Further emerging research streams were evaluated using VOSviewer software.FindingsThe study depicts an overall incremental trend of year-on-year publications, authors' performance, publication journals, associated institutions and research driving countries, along with key insights from co-citation network analysis. Furthermore, the study evaluates four research areas – organisational impacts, applied applications and insights, operational processes and social aspects, comprising eighteen research streams that comprehensively cover-up research under the DT domain.Research limitations/implicationsThe study contributes to the literature of DT by amalgamating the status of the present research, but more importantly, by deriving the research areas and research streams, which can be further expanded by researchers as future research streams.Practical implicationsFor the practitioners, the study aims to act as a ready reckoner repository with practice-oriented literature references to facilitate them building knowledge and taking effective strategic decisions to harness the benefits of DT more proficiently.Originality/valueThis study illustrates the bibliometric structure of the DT literature and presents insights from the growth of the literature year-on-year.

scholarly journals A Survey of Domain Knowledge Elicitation in Applied Machine Learning

2021 ◽  
Vol 5 (12) ◽  
pp. 73
Author(s):  
Daniel Kerrigan ◽  
Jessica Hullman ◽  
Enrico Bertini
Keyword(s):  
Machine Learning ◽  
Domain Knowledge ◽  
Development Process ◽  
Model Development ◽  
Knowledge Elicitation ◽  
Future Directions ◽  
Domain Experts ◽  
Applied Machine Learning ◽  
Elicitation Process ◽  
Model Development Process

Eliciting knowledge from domain experts can play an important role throughout the machine learning process, from correctly specifying the task to evaluating model results. However, knowledge elicitation is also fraught with challenges. In this work, we consider why and how machine learning researchers elicit knowledge from experts in the model development process. We develop a taxonomy to characterize elicitation approaches according to the elicitation goal, elicitation target, elicitation process, and use of elicited knowledge. We analyze the elicitation trends observed in 28 papers with this taxonomy and identify opportunities for adding rigor to these elicitation approaches. We suggest future directions for research in elicitation for machine learning by highlighting avenues for further exploration and drawing on what we can learn from elicitation research in other fields.

Research on financial innovations: an interdisciplinary review

2022 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mohammad G. Nejad
Keyword(s):  
Financial Services ◽  
Business Models ◽  
Academic Research ◽  
Research Literature ◽  
Future Research ◽  
Breeding Ground ◽  
Financial Industry ◽  
Content Type ◽  
New Era ◽  
Financial Innovations

PurposeThe financial industry offers a unique setting to study innovations. Financial innovations have fueled the growth of economies, markets and societies. The financial industry has successfully become the breeding ground for innovative services, processes, business models and technologies. This study seeks to provide a holistic view of the literature on financial innovations, synthesize the research findings and offer future directions for research in light of three market developments that are disrupting the industry and opening up a new era for the financial services industry. Disruptions from within and outside the industry offer new generations of radically innovative services. Moreover, new generations of consumers differ from previous generations in their needs and wants and look for innovative ways to handle their financial needs. Finally, significant developments related to financial innovations have emerged in Asia and developing countries.Design/methodology/approachThis study systematically reviews the academic research literature on financial innovations in two phases. The first phase provides a quantitative review of 546 journal articles published between 1990 and 2018. In the second phase, the study synthesizes the extant research on financial innovations and maps them in five research areas: firms' introduction and adoption of FIs, financial innovation development, the outcomes of financial innovations, regulations and intellectual property, and consumers.FindingsThe analysis found that disciplines differ with regard to the employed research methodologies, the units of analysis, sources of data and the innovations they examined. A positive trend in the number of published articles during this period is observed. However, studies have primarily focused on the USA and Europe and less so on other parts of the world. The literature synthesis further identifies research gaps in the available research that highlight future research opportunities in light of the three market disruptions. The financial services industry is on the brink of a new era due to disruptions from within and outside the industry and the entrance of new generations of consumers. Moreover, the financial industry has successfully become the breeding ground for innovative services, processes and business models. Therefore, financial innovations offer promising opportunities for bridging the gap between research on product and service innovations.Research limitations/implicationsThe work provides a holistic and systematic overview of extant research on financial innovations and highlights future research opportunities in light of the three disruptive market developments. It helps researchers take advantage of the opportunities in studying financial innovations while maintaining industry relevance.Originality/valueThe study is the first to review and synthesize the academic research literature on financial innovations across marketing, finance and innovation disciplines. In addition, the study highlights three primary disruptive forces in the financial industry and identifies future research directions in light of these disruptive forces.

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