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Digital Business Models for Industrial Suppliers—The Case of Schaeffler OPTIME

In: Digital Business Models in Industrial Ecosystems

Author

Listed:
  • Philipp Jussen

    (Schaeffler Monitoring Services GmbH)

  • Martin Meinel

    (Schaeffler AG)

  • Tim Hosenfeldt

    (Schaeffler AG)

Abstract

Today more than ever, industrial suppliers are facing existential challenges. The ever-faster pace of technological change, the emergence of innovative business models, and the increase of servitization are threatening the very existence of entire industries. In view of these challenges, the question arises as to how established companies in the supplier industry can develop strategies and generate innovations that can ensure the long-term survival of these companies. This article answers this question by examining a current practical case in the rotating machinery market. Using Schaeffler OPTIME, a digital condition monitoring solution, the challenges and benefits of digital business models for traditional industrial suppliers are highlighted. Thus, the article provides a valuable contribution to a better understanding of new digital business models in changing ecosystems. At the same time, the article provides a best practice for those responsible for innovation in industrial companies.

Suggested Citation

  • Philipp Jussen & Martin Meinel & Tim Hosenfeldt, 2021. "Digital Business Models for Industrial Suppliers—The Case of Schaeffler OPTIME," Future of Business and Finance, in: Kai-Ingo Voigt & Julian M. Müller (ed.), Digital Business Models in Industrial Ecosystems, pages 71-85, Springer.
    • Handle: RePEc:spr:fuobcp:978-3-030-82003-9_5
    DOI: 10.1007/978-3-030-82003-9_5
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