Monetizing the Internet of Things
Across all industries, smart, connected products are changing the way companies create and capture value. Smart agriculture, smart city, smart manufacturing, smart home, smart health and fitness – intelligent, connected products will affect all industries and areas of life. This emerging generation of products is based on the convergence of the physical and the digital world, commonly referred to as the Internet of Things (IoT). Smart, connected products promise disruptive business opportunities that reach far beyond established product and service innovations. Hence, companies are forced to rethink their current business models.
New technological means of data gathering, processing, storage, and transmission are the fundamental enablers of the IoT. However, latest research provides evidence that companies are monetizing the emerging, data-driven IoT business opportunities much more slowly than anticipated. Even respected IoT pioneers such as General Electric have failed to meet their communicated IoT goals and have consequently significantly downsized as well as restructured their corresponding initiatives. Latest research describes this phenomenon as the Digitalization Paradox. Despite significant investments in IoT initiatives, companies struggle to achieve the expected results. Hence, the question of how to realize the business potential of IoT has become a top priority for practitioners as well as academics. In light of the depicted challenges, our research investigates the nature and impact of IoT-enabled services.
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