The internet of everything, connecting people, organizations and smart things, promises to fundamentally change how we live, work and interact, and it may redefine a wide range of industry sectors. In a recently published conceptual paper, AIOTI WG02 IoT Ecosystems and Innovation co-chair, David Langley, and colleagues, describe a vision of how increasing levels of smartness and connectivity may alter business models and the ways in which individuals and organizations create value.
The paper includes a literature review on networked business models and service ecosystems, and show that a clearer understanding is needed of how the increasing connectedness of things will impact on the ways that organizations go about their business at the micro, meso and macro levels. A core contribution of the paper is a new taxonomy of smart things based on their capabilities and their connectivity. This taxonomy allows us to derive implications for business models. See Figure:
Figure: Taxonomy of the increasing levels of smartness for things in the Internet of Everything and their implications for business models (BMs). Source: Langley et al. (2020). The Internet of Everything: Smart things and their impact on business models. Journal of Business Research. In press.
The paper could be found here.