An Exploratory Study of the Impact of the Internet of Things (IoT) on Business Model Innovation: Building Smart Enterprises at Fortune 500 Companies

An Exploratory Study of the Impact of the Internet of Things (IoT) on Business Model Innovation: Building Smart Enterprises at Fortune 500 Companies

In Lee (School of Computer Sciences, College of Business and Technology, Western Illinois University, Macomb, IL, USA)
Copyright: © 2016 |Pages: 15
DOI: 10.4018/IJISSC.2016070101
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Abstract

This paper introduces IoT categories used to build smart enterprises and discusses how Fortune 500 companies may use various IoT applications to innovate their business models. The authors' analysis reveals that there is a significant relationship between the type of IoT applications and the IoT adoption rate and there is also a significant relationship between the type of business model innovation and the IoT adoption rate. Finally, five implementation strategies for smart enterprise development are discussed.
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Business Model Innovation And The Iot For Smart Enterprise

Business models have been widely used to set up, review, and refine new business ventures. Business models contribute to the research community as a new unit of analysis, and as a system-level concept, centered on activities and focused on value (Zott et al., 2011). Despite extensive use of the term ‘business model’ in both research and practice, a general agreement on the definition of the business model is still missing due to its complex nature. Despite the partial overlap of definitions, the majority have emphasized the role of competitive advantage by a business model (Afuah & Tucci, 2003; Morris et al., 2005; Shafer et al., 2005). The development of a business model helps managers understand the process of customer value creation, resource acquisition, and value delivery and capture.

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