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...

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Bibliographic Details
Published in:Journal of business research 2021-03, Vol.126, p.126-136
Main Authors: Haaker, Timber, Ly, Pham Thi Minh, Nguyen-Thanh, Nhan, Nguyen, Hanh Thi Hong
Format: Article
Language:English
Subjects:
Business model innovation
Case studies
Comparative analysis
Digital transformation
Emerging markets
Entrepreneurship
Internet
Internet-of-Things
IoT
Morphological analysis
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Summary: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.
ISSN:0148-2963
1873-7978
DOI:10.1016/j.jbusres.2020.12.034