Blog: The Internet of Everything: Smart things and their impact on business models

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.