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Evaluation of Strategic Opportunities and Resulting Business Models for SMEs: Employing IoT in Their Data-Driven Ecosystems

Evaluation of Strategic Opportunities and Resulting Business Models for SMEs: Employing IoT in Their Data-Driven Ecosystems

Izabella V. Lokshina, Cees J. M. Lanting, Barbara Durkin
Copyright: © 2020 |Pages: 39
ISBN13: 9781799823551|ISBN10: 1799823555|ISBN13 Softcover: 9781799823568|EISBN13: 9781799823575
DOI: 10.4018/978-1-7998-2355-1.ch007
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MLA

Lokshina, Izabella V., et al. "Evaluation of Strategic Opportunities and Resulting Business Models for SMEs: Employing IoT in Their Data-Driven Ecosystems." Knowledge Management, Innovation, and Entrepreneurship in a Changing World, edited by Murray Eugene Jennex, IGI Global, 2020, pp. 148-186. https://doi.org/10.4018/978-1-7998-2355-1.ch007

APA

Lokshina, I. V., Lanting, C. J., & Durkin, B. (2020). Evaluation of Strategic Opportunities and Resulting Business Models for SMEs: Employing IoT in Their Data-Driven Ecosystems. In M. Jennex (Ed.), Knowledge Management, Innovation, and Entrepreneurship in a Changing World (pp. 148-186). IGI Global. https://doi.org/10.4018/978-1-7998-2355-1.ch007

Chicago

Lokshina, Izabella V., Cees J. M. Lanting, and Barbara Durkin. "Evaluation of Strategic Opportunities and Resulting Business Models for SMEs: Employing IoT in Their Data-Driven Ecosystems." In Knowledge Management, Innovation, and Entrepreneurship in a Changing World, edited by Murray Eugene Jennex, 148-186. Hershey, PA: IGI Global, 2020. https://doi.org/10.4018/978-1-7998-2355-1.ch007

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Abstract

This chapter focuses on ubiquitous sensing devices, enabled by Wireless Sensor Network (WSN) technologies, that cut across every area of modern day living, affecting individuals and businesses and offering the ability to measure and understand environmental indicators. The proliferation of these devices in a communicating-actuating network creates the internet of things (IoT). The IoT provides the tools to establish a major global data-driven ecosystem with its emphasis on Big Data. Currently, business models may focus on the provision of services, i.e., the internet of services (IoS). These models assume the presence and development of the necessary IoT measurement and control instruments, communications infrastructure, and easy access to the data collected and information generated. Different business models may support creating revenue and value for different types of customers. This chapter contributes to the literature by considering, innovatively, knowledge-based management practices, strategic opportunities and resulting business models for third-party data analysis services.

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