With the rapid development of information technology and the Internet itself, companies are no longer confined within the information exchange between people, but they are expanding towards enabling communication between physical products. This third wave of the Internet development referred to as the Internet of Things (IoT) unlocks the potential for innovative product-service systems in a scale that has not been observed before. Companies more than ever are challenged to rethink their offerings while simultaneously being provided with a unique opportunity of creating or recreating their product-service systems.This article explores the potential for product-service development that IoT offers. By providing an overview of the technological breakthrough and its far reaching implications for different industries, as well as analyzing the literature on servitization, an attempt is made to combine those two concepts towards addressing the challenge of how organizations can actually reap the benefits that IoT has to offer in the product-service context. Moreover, an analysis of several successful IoT implementation cases in different industries is provided. As a result a conceptual framework for IoT implementation in product-service context is outlined.

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PurposeThe purpose of this study is to identify and examine various factors that influence the success or failure of knowledge management (KM) initiatives in project‐based companies.Design/methodology/approachFollowing a literature review, the study proposes a conceptual model of six factors of potential importance to the success of KM initiatives. The model is then examined through an online survey of project managers and assistant managers from project‐based businesses in Finland.FindingsThe study finds that a lack of incentives and the absence of an appropriate information system are the most significant barriers to successful KM initiatives in projects.Research limitations/implicationsThe findings of the study may be restricted in terms of generalisability because of the limited empirical study.Practical implicationsProject managers should formulate an attractive incentive package to encourage project members to participate in KM initiatives and to suggest ideas for new KM opportunities. Managers should also ensure that an effective user‐friendly information system is in place before introducing KM initiatives.Originality/valueThe study proposes a new model of critical success factors for KM initiatives in the context of project‐based business.

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