The Internet of things (IoT) transforms how businesses operate, create, and deliver products and services. Despite increasing interest in IoT business models, knowledge of the capabilities needed to implement them remains vague. The objective of this paper is to investigate patterns found in 21 empirical tested cases covering several industries. This paper identifies the most common capabilities (connectivity, data management and storage, monitoring, data analytics, control, operations management, maintenance, communication, applications, and security) in an IoT-Product Service System (PSS). Industry practitioners can use this information to visualize linkages between their intended business model and capabilities when developing IoT-PSSs.
He holds a M.Sc. (Business and Economics) from LUT University. His main research interests include business model innovation and design, particularly its intersection with Industry4.0, the Internet of Things and Digitisation, supply management and self-quantification. He has worked in various advisory roles within the United Kingdom's Governments former Department for Business, Innovation and Skills. Via this work he has been involved numerous projects, through which he has accumulated experience in fields of business administration, trade facilitation and strategic controls. His academic works have considered the
He holds a M.Sc. (Business and Economics) from LUT University. His main research interests include business model innovation and design, particularly its intersection with Industry4.0, the Internet of Things and Digitisation, supply management and self-quantification. He has worked in various advisory roles within the United Kingdom's Governments former Department for Business, Innovation and Skills. Via this work he has been involved numerous projects, through which he has accumulated experience in fields of business administration, trade facilitation and strategic controls. His academic works have considered the
One of the key factors which influences the future of global economy is resource scarcity and the way businesses, policy makers and environmental scientists respond to climate change by finding solutions for reducing the use of finite natural resources and eliminating waste. With resources becoming scarce, businesses need to rethink and redesign the processes of designing, manufacturing, and delivering products and services. Businesses are responsible for creating products with longer lifetime which use fewer natural resources and are designed for repairability and recyclability. A circular economy model which focuses on designing out waste and pollution, regenerating natural resources, and keeping the materials and products in use offers a means to address environmental problems. In this scenario, businesses redesign their business models according to the principles of the circular economy, which also influences how they conduct international business operations. How internationally operating businesses organize their operations is not only affected by its environmental conscience and need for ecological reconstruction, but also technological advancements. With an increasing use of data and information in businesses worldwide, the opportunities digital technologies offer can increase businesses' environmental sustainability development. Through the utilization of digital technologies, businesses can gain detailed insight into their environmental impacts by transferring, storing and analysis of data related to circular economy indicators and set goals to achieve greater circularity. This chapter aims to explore the complementary role of Artificial intelligence (AI) and Internet of things (IoT) in improving circularity goals, and how developing artificial intelligence of things (AIoT) in organizations results in more efficient international business.
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