How implementation of IoT products and services transforms business models’ development
1University of Oulu, Oulu Business School, Department of Marketing, Marketing
|Online Access:||PDF Full Text (PDF, )|
|Persistent link:|| http://urn.fi/URN:NBN:fi:oulu-201811072975
|Publish Date:|| 2018-11-08
|Thesis type:||Master's thesis
Nowadays, five key megatrends have an impact on the contemporary environment. They can be defined as a shift in global economic power, demographic shifts, accelerating urbanization, the rise of technology, and climate change and resource scarcity. One of the main characteristics of the megatrend is its ability to shape the world due to its macroeconomic and geostrategic nature. Regarding the rise of the technology, the area Internet of Things (IoT) has boosted in the last decade. Evolved in 1999 the core definition of “Things” has changed as technology developed, the primary goal of making a computer sense information without the support of human intervention remains the same. IoT can be defined as a network of entities that are connected through any form of sensor, enabling these entities to be located, identified, and even operated upon. Thus, it means that almost all electronic devices can send, receive information, and as a result, connected to the Internet, and provide particular decisions offering further services or action. In this sense, the implementation of such technologies in the business environment can lead to significant changes, in the management, marketing, supply chain, production and even creating new market segments. Business models in the IoT environment are the core of this study. In particular, the focus is on the analysis of the key market sectors that are more affected by IoT innovations. As a result, define the main structural changes in the business modeling process. The target of this study is to identify new trends in business models’ development in different market segments and formulate new approaches or steps in business modeling caused by IoT opportunities. The contribution of this study is an endeavor to generalize such trends for further implications. Consequently, the study will cover the following questions. RQ1: What are the main opportunities that have emerged due to IoT development for different market segments. RQ2: What are the main opportunities in developing business models due to the implementation of IoT technologies? The results of this study concern the determination of the most relevant business models’ building blocks in the IoT environment. Proposal of vital elements in the business modeling process analyzed through a Galler’s business model triangle. Moreover, this paper provides two dimensions regarding IoT value proposition: Things as a Platform and Things as a Service.
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