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

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.