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Business model innovation through the application of the Internet-of-Things: A comparative analysis

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  • Haaker, Timber
  • Ly, Pham Thi Minh
  • Nguyen-Thanh, Nhan
  • Nguyen, Hanh Thi Hong

Abstract

The Internet-of-Things (IoT) empowers remote monitoring and management of the performance of machines, vehicles, processes, etc., which facilitate service business models. However, companies in emerging and transitional economies, in particular, face challenges when applying IoT, not only related to the use of technology, but especially regarding the need for a new business model. The main goal of this paper is to better understand emerging IoT business models in Vietnam through identifying and interpreting business model design options and choices. The case studies and their commonalities are used to perform a morphological analysis and create a generic IoT business model providing business model alternatives for each of the four business model dimensions. The research provides insights into the commonalities and discrepancies of IoT-based business models. Also, it provides a novel application of morphological analysis to business model innovation to create a generic business model for IoT applications in emerging markets.

Suggested Citation

  • Haaker, Timber & Ly, Pham Thi Minh & Nguyen-Thanh, Nhan & Nguyen, Hanh Thi Hong, 2021. "Business model innovation through the application of the Internet-of-Things: A comparative analysis," Journal of Business Research, Elsevier, vol. 126(C), pages 126-136.
    • Handle: RePEc:eee:jbrese:v:126:y:2021:i:c:p:126-136
    DOI: 10.1016/j.jbusres.2020.12.034
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    Cited by:

    1. Liang, Yongheng & Xu, Qian & Jin, Liyin, 2021. "The effect of smart and connected products on consumer brand choice concentration," Journal of Business Research, Elsevier, vol. 135(C), pages 163-172.
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    3. Eryarsoy, Enes & Kilic, Huseyin Selcuk & Zaim, Selim & Doszhanova, Marzhan, 2022. "Assessing IoT challenges in supply chain: A comparative study before and during- COVID-19 using interval valued neutrosophic analytical hierarchy process," Journal of Business Research, Elsevier, vol. 147(C), pages 108-123.
    4. Jinkai Liang & Ke Du & Dandan Chen, 2023. "The Effect of Digitalization on Ambidextrous Innovation in Manufacturing Enterprises: A Perspective of Empowering and Enabling," Sustainability, MDPI, vol. 15(16), pages 1-23, August.
    5. Carrizo Moreira, António, 2021. "Introduction to the Special Section: Innovation," Cuadernos de Gestión, Universidad del País Vasco - Instituto de Economía Aplicada a la Empresa (IEAE).
    6. Cranmer, Eleanor E. & Papalexi, M. & tom Dieck, M. Claudia & Bamford, D., 2022. "Internet of Things: Aspiration, implementation and contribution," Journal of Business Research, Elsevier, vol. 139(C), pages 69-80.
    7. Carla Henriques & Clara Viseu, 2022. "Are ERDFs Devoted to Boosting ICTs in SMEs Inefficient? A Three-Stage SBM Approach," Sustainability, MDPI, vol. 14(17), pages 1-20, August.
    8. Ramakrishnan Ramanathan & Yanqing Duan & Tahmina Ajmal & Katarzyna Pelc & James Gillespie & Sahar Ahmadzadeh & Joan Condell & Imke Hermens & Usha Ramanathan, 2023. "Motivations and Challenges for Food Companies in Using IoT Sensors for Reducing Food Waste: Some Insights and a Road Map for the Future," Sustainability, MDPI, vol. 15(2), pages 1-21, January.
    9. Xi Zhang, 2022. "Incremental Innovation: Long-Term Impetus for Design Business Creativity," Sustainability, MDPI, vol. 14(22), pages 1-24, November.
    10. Uddin, Md Hamid & Mollah, Sabur & Islam, Nazrul & Ali, Md Hakim, 2023. "Does digital transformation matter for operational risk exposure?," Technological Forecasting and Social Change, Elsevier, vol. 197(C).
    11. Snigdha Malhotra & Vernika Agarwal & P. K. Kapur, 2022. "Hierarchical framework for analysing the challenges of implementing industrial Internet of Things in manufacturing industries using ISM approach," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 13(5), pages 2356-2370, October.
    12. Ancillai, Chiara & Sabatini, Andrea & Gatti, Marco & Perna, Andrea, 2023. "Digital technology and business model innovation: A systematic literature review and future research agenda," Technological Forecasting and Social Change, Elsevier, vol. 188(C).
    13. Cheng Lu & Tongyu Gu & Jie Chen & Zunli Liu, 2021. "Will Internet Market Newness Improve Performance? An Empirical Study on the Internet Market Innovation of Offline Retailers in China," Sustainability, MDPI, vol. 13(22), pages 1-17, November.
    14. Efpraxia D. Zamani & Anastasia Griva & Kieran Conboy, 2022. "Using Business Analytics for SME Business Model Transformation under Pandemic Time Pressure," Information Systems Frontiers, Springer, vol. 24(4), pages 1145-1166, August.
    15. Shouheng Sun & Shengjie Dong & Qi Wu & Xuejiao Tian, 2023. "How to Survive in the Shadow of Sharing Economy Giants: Business Model Innovation for Small and Medium-Sized Platforms," SAGE Open, , vol. 13(3), pages 21582440231, September.
    16. Tsai, Fu-Sheng & Cabrilo, Sladjana & Chou, Hsin-Hui & Hu, Feng & Tang, Au Due, 2022. "Open innovation and SME performance: The roles of reverse knowledge sharing and stakeholder relationships," Journal of Business Research, Elsevier, vol. 148(C), pages 433-443.
    17. Li, Zhongshun & Xie, Weihong & Wang, Zhong & Wang, Yongjian & Huang, Danyu, 2023. "Antecedent configurations and performance of business models of intelligent manufacturing enterprises," Technological Forecasting and Social Change, Elsevier, vol. 193(C).
    18. Cociorva Alexandru & Onofrei Nicoleta, 2022. "Monitoring solutions for market segments," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 16(1), pages 169-178, August.
    19. Tran, Chi Phuong & Pernia, Ronald A. & Nguyen-Thanh, Nhan, 2023. "Mess or match? How do academic perspectives meet the practitioner perspectives in terms of digital transformation?," Technological Forecasting and Social Change, Elsevier, vol. 191(C).
    20. Kun Wang & Xiaofeng Wang & Xuan Liu, 2023. "Sustainable Internet of Vehicles System: A Task Offloading Strategy Based on Improved Genetic Algorithm," Sustainability, MDPI, vol. 15(9), pages 1-17, May.
    21. Khorshed Alam & Mohammad Afshar Ali & Michael Erdiaw-Kwasie & Md Shahiduzzaman & Eswaran Velayutham & Peter A. Murray & Retha Wiesner, 2022. "Impact of ICTs on Innovation and Performance of Firms: Do Start-ups, Regional Proximity and Skills Matter?," Sustainability, MDPI, vol. 14(10), pages 1-18, May.
    22. Xingguang Guo & Xi Chen, 2023. "The Impact of Digital Transformation on Manufacturing-Enterprise Innovation: Empirical Evidence from China," Sustainability, MDPI, vol. 15(4), pages 1-19, February.
    23. Baltuttis, Dennik & Häckel, Björn & Jonas, Claudius Michael & Oberländer, Anna Maria & Röglinger, Maximilian & Seyfried, Johannes, 2022. "Conceptualizing and Assessing the Value of Internet of Things Solutions," Journal of Business Research, Elsevier, vol. 140(C), pages 245-263.
    24. Malik, Ashish & Sharma, Piyush & Kingshott, Russel & Laker, Benjamin, 2022. "Leveraging cultural and relational capabilities for business model innovation: The case of a digital media EMMNE," Journal of Business Research, Elsevier, vol. 149(C), pages 270-282.
    25. Zbysław Dobrowolski, 2021. "Internet of Things and Other E-Solutions in Supply Chain Management May Generate Threats in the Energy Sector—The Quest for Preventive Measures," Energies, MDPI, vol. 14(17), pages 1-11, August.

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