Business Model Innovation for IoT Solutions: An Exploratory Study of Strategic Factors and Expected Outcomes
Business model innovation is a key success factor for IT companies competing in technologically uncertain environments. Despite the need of IoT solution developers to renew their business models to effectively create value for customers and capture value for the company, the strategic factors of...
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| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Editura ASE
2021-05-01
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| Series: | Amfiteatru Economic |
| Subjects: | |
| Online Access: | https://www.amfiteatrueconomic.ro/temp/Article_3007.pdf |
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| Summary: | Business model innovation is a key success factor for IT companies competing in
technologically uncertain environments. Despite the need of IoT solution developers to
renew their business models to effectively create value for customers and capture value for
the company, the strategic factors of business model innovation for IoT solutions have
remained under-researched so far. The paper addresses this knowledge gap by exploring the
strategic factors of business model innovation and its results from the perspective of RBV
(Resource-Based View) theory. The theoretical foundation of this research is based on the
literature of the business model innovation and the strategic marketing literature. In the
empirical exploration of the strategic factors of the business model innovation, we adopted
a qualitative research strategy having as methodological basis Grounded theory. More
precisely, we conducted 12 semi-structured interviews with top managers at IT companies
operating in Romania that have successfully developed IoT solutions. Proactive market
orientation, technology orientation, entrepreneurial orientation, and adaptive marketing
capabilities have been identified as strategic factors of business model innovation for IoT
solutions, while competitive advantage and customer satisfaction as the main expected
outcomes |
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| ISSN: | 1582-9146 2247-9104 |