Frank's Blog

Business Models in the Internet of Things 

As you might have seen, I'm involved in the shift from Business Process Management to the Internet of Things and Services (IoTS) in the recent years. While the IoTS has many interesting aspects to investigate, one of particular concern is the creation of new business models. In particular, we are interested in investigating whether business models in the IoTS have special characteristics.

A student of mine, Stephan Degen, investigated this particular question and came up with interesting results as well as a guideline for an innovation workshop in the area of the Internet of Things:

"The Internet of Things (IoT) has begun to attract a great deal of attention, not only in the world of information technology, but in other industries as well. In the Internet of Things any physical object can be part of the Internet. The physical world merges with the digital world. The vision of the connection of everyday objects with the Internet is almost unlimited as far as technical and economic opportunities for businesses are concerned. Due to the technological advances in recent years, this vision is technically feasible, but still only exists in a limited number of ways for customers. One reason for this may be the large number of possibilities.

In order to offer more for consumers and increase the value to the Internet of Things, new business models need to be developed. Business models help to illustrate, how a company can create value for themselves and the customer. Furthermore, companies can differentiate themselves among competitors by developing new business models.

Therefore, this thesis presents a method for creating business models for the Internet of Things. The aim of the method is to develop a business model, based on an idea, which considers the specificities of the Internet of Things. Consequently, the essential part of this thesis is the presentation of an approach for the illustration of business models in the Internet of Things, the presentation of a procedural model for creating business models in the Internet of Things and the presentation of a concept for the realization of this procedural model within a workshop. These key points are based on the development of specificities of business models in the Internet of Things and the comparison of existing approaches for mapping business models."

--- Abstract from the thesis by Stephan Degen

I highly recommend taking a look at this very interesting and readable thesis. You can download the full thesis here (German only).

Finally, I would like to thank Bosch Software Innovations for funding the research!

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