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Balancing Exploration and Exploitation Through Customer Development Model: Leveraging Industry 4.0 for Sustainable Performance

Balancing Exploration and Exploitation Through Customer Development Model: Leveraging Industry 4.0 for Sustainable Performance

Krishna Raj Bhandari
Copyright: © 2021 |Pages: 14
ISBN13: 9781799885481|ISBN10: 1799885488|EISBN13: 9781799886075
DOI: 10.4018/978-1-7998-8548-1.ch042
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MLA

Bhandari, Krishna Raj. "Balancing Exploration and Exploitation Through Customer Development Model: Leveraging Industry 4.0 for Sustainable Performance." Research Anthology on Cross-Industry Challenges of Industry 4.0, edited by Information Resources Management Association, IGI Global, 2021, pp. 839-852. https://doi.org/10.4018/978-1-7998-8548-1.ch042

APA

Bhandari, K. R. (2021). Balancing Exploration and Exploitation Through Customer Development Model: Leveraging Industry 4.0 for Sustainable Performance. In I. Management Association (Ed.), Research Anthology on Cross-Industry Challenges of Industry 4.0 (pp. 839-852). IGI Global. https://doi.org/10.4018/978-1-7998-8548-1.ch042

Chicago

Bhandari, Krishna Raj. "Balancing Exploration and Exploitation Through Customer Development Model: Leveraging Industry 4.0 for Sustainable Performance." In Research Anthology on Cross-Industry Challenges of Industry 4.0, edited by Information Resources Management Association, 839-852. Hershey, PA: IGI Global, 2021. https://doi.org/10.4018/978-1-7998-8548-1.ch042

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Abstract

Balancing exploration and exploitation in entrepreneurial ventures enabled by Industry 4.0 has not been the focus of the existing literature. It is because the phenomenon is emerging and the focus has been to use practitioners' best practices in studying such phenomenon. In this chapter, the author combines the literature in balancing exploration and exploitation with the practitioners' best practices such as customer development model and lean startup. The author proposes that the existing models are good in principle but in order to really solve the problem in such an uncertain environment driven by big data, cloud computing, internet of things (IoT), and artificial intelligence, managers need to embed optimization algorithms in their decision making.

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