Designing Service Business Models for the Internet of Things: Aspects from Manufacturing Firms

Chia Tai Angus Lai; Paul R Jackson; Wei Jiang

doi:doi:10.11648/j.ajmse.20180302.11

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Designing Service Business Models for the Internet of Things: Aspects from Manufacturing Firms

Chia Tai Angus Lai, Paul R Jackson, Wei Jiang

Published in American Journal of Management Science and Engineering (Volume 3, Issue 2)

Received: 17 August 2018 Accepted: 6 September 2018 Published: 9 October 2018

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Abstract

The increasing pervasiveness of the Internet of Things (IoT) has offered a wealth of business model opportunities. Many conventional product-based companies are seeking to increase their competitiveness by moving toward a service-based business model where IoT can bring tremendous opportunities. These traditional product-sales manufacturing firms are required to look at business models beyond their conventional product-focused, firm-centric core competence business model innovation and respond to fast changing digitalization dynamics focused on promoting service-centric solution availability instead of physical products. However, studies and literatures have not yet provided profound and actionable approaches to service business models in IoT-driven environments for manufacturing firms. This research aims to fill the gap and elaborate the guiding principle for designing service business models for the Internet of Things in manufacturing firms. The guiding principles are derived from illustration of value of the Internet of Things and systemic review of academic literatures focusing on IoT business models. Exemplary real-world IoT service business models cases are demonstrating the applicability of the proposed guiding principles. Evaluation of the applicability of guiding principles pertaining to the emerging context of IoT business model can enable researchers and practitioners to visualize and analyze service business model design in a structured and actionable way.

Published in	American Journal of Management Science and Engineering (Volume 3, Issue 2)
DOI	10.11648/j.ajmse.20180302.11
Page(s)	7-22
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2018. Published by Science Publishing Group

Keywords

Business Model, Internet of Things, Business Ecosystem, Value Co-creation, Service-Dominant Logic

References

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Chia Tai Angus Lai, Paul R Jackson, Wei Jiang. (2018). Designing Service Business Models for the Internet of Things: Aspects from Manufacturing Firms. American Journal of Management Science and Engineering, 3(2), 7-22. https://doi.org/10.11648/j.ajmse.20180302.11

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ACS Style

Chia Tai Angus Lai; Paul R Jackson; Wei Jiang. Designing Service Business Models for the Internet of Things: Aspects from Manufacturing Firms. Am. J. Manag. Sci. Eng. 2018, 3(2), 7-22. doi: 10.11648/j.ajmse.20180302.11

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AMA Style

Chia Tai Angus Lai, Paul R Jackson, Wei Jiang. Designing Service Business Models for the Internet of Things: Aspects from Manufacturing Firms. Am J Manag Sci Eng. 2018;3(2):7-22. doi: 10.11648/j.ajmse.20180302.11

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@article{10.11648/j.ajmse.20180302.11,
  author = {Chia Tai Angus Lai and Paul R Jackson and Wei Jiang},
  title = {Designing Service Business Models for the Internet of Things: Aspects from Manufacturing Firms},
  journal = {American Journal of Management Science and Engineering},
  volume = {3},
  number = {2},
  pages = {7-22},
  doi = {10.11648/j.ajmse.20180302.11},
  url = {https://doi.org/10.11648/j.ajmse.20180302.11},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajmse.20180302.11},
  abstract = {The increasing pervasiveness of the Internet of Things (IoT) has offered a wealth of business model opportunities. Many conventional product-based companies are seeking to increase their competitiveness by moving toward a service-based business model where IoT can bring tremendous opportunities. These traditional product-sales manufacturing firms are required to look at business models beyond their conventional product-focused, firm-centric core competence business model innovation and respond to fast changing digitalization dynamics focused on promoting service-centric solution availability instead of physical products. However, studies and literatures have not yet provided profound and actionable approaches to service business models in IoT-driven environments for manufacturing firms. This research aims to fill the gap and elaborate the guiding principle for designing service business models for the Internet of Things in manufacturing firms. The guiding principles are derived from illustration of value of the Internet of Things and systemic review of academic literatures focusing on IoT business models. Exemplary real-world IoT service business models cases are demonstrating the applicability of the proposed guiding principles. Evaluation of the applicability of guiding principles pertaining to the emerging context of IoT business model can enable researchers and practitioners to visualize and analyze service business model design in a structured and actionable way.},
 year = {2018}
}

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TY  - JOUR
T1  - Designing Service Business Models for the Internet of Things: Aspects from Manufacturing Firms
AU  - Chia Tai Angus Lai
AU  - Paul R Jackson
AU  - Wei Jiang
Y1  - 2018/10/09
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T2  - American Journal of Management Science and Engineering
JF  - American Journal of Management Science and Engineering
JO  - American Journal of Management Science and Engineering
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VL  - 3
IS  - 2
ER  -

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Author Information

Chia Tai Angus Lai

Alliance Manchester Business School, University of Manchester, Manchester, UK
Paul R Jackson

Alliance Manchester Business School, University of Manchester, Manchester, UK
Wei Jiang

Antai College of Economics and Management, Shanghai Jiaotong University, Shanghai, PRC

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APA Style

Chia Tai Angus Lai, Paul R Jackson, Wei Jiang. (2018). Designing Service Business Models for the Internet of Things: Aspects from Manufacturing Firms. American Journal of Management Science and Engineering, 3(2), 7-22. https://doi.org/10.11648/j.ajmse.20180302.11

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ACS Style

Chia Tai Angus Lai; Paul R Jackson; Wei Jiang. Designing Service Business Models for the Internet of Things: Aspects from Manufacturing Firms. Am. J. Manag. Sci. Eng. 2018, 3(2), 7-22. doi: 10.11648/j.ajmse.20180302.11

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AMA Style

Chia Tai Angus Lai, Paul R Jackson, Wei Jiang. Designing Service Business Models for the Internet of Things: Aspects from Manufacturing Firms. Am J Manag Sci Eng. 2018;3(2):7-22. doi: 10.11648/j.ajmse.20180302.11

Copy | Download

@article{10.11648/j.ajmse.20180302.11,
  author = {Chia Tai Angus Lai and Paul R Jackson and Wei Jiang},
  title = {Designing Service Business Models for the Internet of Things: Aspects from Manufacturing Firms},
  journal = {American Journal of Management Science and Engineering},
  volume = {3},
  number = {2},
  pages = {7-22},
  doi = {10.11648/j.ajmse.20180302.11},
  url = {https://doi.org/10.11648/j.ajmse.20180302.11},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajmse.20180302.11},
  abstract = {The increasing pervasiveness of the Internet of Things (IoT) has offered a wealth of business model opportunities. Many conventional product-based companies are seeking to increase their competitiveness by moving toward a service-based business model where IoT can bring tremendous opportunities. These traditional product-sales manufacturing firms are required to look at business models beyond their conventional product-focused, firm-centric core competence business model innovation and respond to fast changing digitalization dynamics focused on promoting service-centric solution availability instead of physical products. However, studies and literatures have not yet provided profound and actionable approaches to service business models in IoT-driven environments for manufacturing firms. This research aims to fill the gap and elaborate the guiding principle for designing service business models for the Internet of Things in manufacturing firms. The guiding principles are derived from illustration of value of the Internet of Things and systemic review of academic literatures focusing on IoT business models. Exemplary real-world IoT service business models cases are demonstrating the applicability of the proposed guiding principles. Evaluation of the applicability of guiding principles pertaining to the emerging context of IoT business model can enable researchers and practitioners to visualize and analyze service business model design in a structured and actionable way.},
 year = {2018}
}

Copy | Download

TY  - JOUR
T1  - Designing Service Business Models for the Internet of Things: Aspects from Manufacturing Firms
AU  - Chia Tai Angus Lai
AU  - Paul R Jackson
AU  - Wei Jiang
Y1  - 2018/10/09
PY  - 2018
N1  - https://doi.org/10.11648/j.ajmse.20180302.11
DO  - 10.11648/j.ajmse.20180302.11
T2  - American Journal of Management Science and Engineering
JF  - American Journal of Management Science and Engineering
JO  - American Journal of Management Science and Engineering
SP  - 7
EP  - 22
PB  - Science Publishing Group
SN  - 2575-1379
UR  - https://doi.org/10.11648/j.ajmse.20180302.11
AB  - The increasing pervasiveness of the Internet of Things (IoT) has offered a wealth of business model opportunities. Many conventional product-based companies are seeking to increase their competitiveness by moving toward a service-based business model where IoT can bring tremendous opportunities. These traditional product-sales manufacturing firms are required to look at business models beyond their conventional product-focused, firm-centric core competence business model innovation and respond to fast changing digitalization dynamics focused on promoting service-centric solution availability instead of physical products. However, studies and literatures have not yet provided profound and actionable approaches to service business models in IoT-driven environments for manufacturing firms. This research aims to fill the gap and elaborate the guiding principle for designing service business models for the Internet of Things in manufacturing firms. The guiding principles are derived from illustration of value of the Internet of Things and systemic review of academic literatures focusing on IoT business models. Exemplary real-world IoT service business models cases are demonstrating the applicability of the proposed guiding principles. Evaluation of the applicability of guiding principles pertaining to the emerging context of IoT business model can enable researchers and practitioners to visualize and analyze service business model design in a structured and actionable way.
VL  - 3
IS  - 2
ER  -

Copy | Download