Business model innovation: A case of the offshore lifting equipment supplier
Richard Myhre and
Gabriele Hofinger Jünge
A chapter in Digitalization in Supply Chain Management and Logistics: Smart and Digital Solutions for an Industry 4.0 Environment, 2017, pp 175-193 from Hamburg University of Technology (TUHH), Institute of Business Logistics and General Management
The purpose of this paper is to present the background for and the process of development of an Internet of Things (IoT) business model (BM) for a Norwegian offshore lifting equipment supplier. The paper presents both challenges and new opportunities connected to the case company's transition towards IoT, servicebased BM. The research methodology is a single case study research. The research approach involves four steps: theoretical discussion; a case study; analysis of the case study, and conclusions. The results show that development of an IoT BM by the case company led to new possibilities for monetization of data and offering new services. The authors suggest that manufacturing companies considering transition towards IoT BM focus on the overall IoT business case rather than on Local IoT solution return on investment (ROI). Studies analyzing the development process and results of implementation of IoT BMs by manufacturing companies are scarce. This paper aims to partially fill this gap by analyzing the experience of a real-world company that has developed and implemented the IoT BM. The research is limited to a single case company. Although the case company has developed and implemented its IoT BM, it is still in the transition process. For now, the company has not yet managed to get its new product rented out, which also creates limitations for drawing conclusions. This research contributes to the understanding of IoT BMs and assists managers who are responsible for developing and implementing IoT BMs.
Keywords: Internet of things; business models; servitization; engineer-to-order (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:hiclch:209308
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