Business Strategy and Innovation Framework
roadblocks or other limiting events occur , and to support the ongoing optimization of the strategy . Consolidating these activities into a single office assists with the spread of knowledge and best practices within the enterprise .
Within large organizations , multiple IIoT business opportunities and ongoing projects may have to compete for resources such as developers and subject-matter experts . When implementing IIoT solutions , it is important to plan and track both the portfolio of opportunities and the underlying IoT services enabling them .
IT capabilities will also affect business model development . In enterprises whose strategy follows a resource-based view that leverages specific capabilities to develop new opportunities , the IT roadmap will affect the assessment and further evaluation of business models . Enterprises whose strategy follows a more market-based view will require development of new capabilities based on their targeted business models . In both cases , IT portfolio managers should be included in business model development to ensure alignment between the various IIoT solutions . This guarantees that all parties share a common understanding of the business value of each solution .
Techniques such as value-benefit analysis or the analytic hierarchy process can be applied in the business model evaluation phase . Both use weighted scores to evaluate how alternatives perform with regard to quantitative and qualitative goals . Evaluation criteria for IIoT applications include market potential , technological feasibility , and statutory regulations in different environments . For more detailed analysis of both value-benefit analysis and analytic hierarchy process , see Kim and Kim ( 2016 ) [ SK1 ].
Portfolio management should span the entire lifecycle of IIoT solutions , with different management techniques required for each phase . While the techniques mentioned above are relevant for the business modeling phase , it is still important to track the performance of products and solutions once established . KPIs must be continuously tracked and adjustments made where necessary .
Figure 4-1 below summarizes the central process within enterprises of identifying , selecting , and prioritizing IIoT opportunities and developing a roadmap with an optimized portfolio . Reassessing existing opportunities and identifying new ones are important elements in the process of continuous innovation .
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