Business Strategy and Innovation Framework
rather than the IIoT specifically, it is relevant to both types of project. The model covers the entire process from the initial idea through to business model evaluation, and provides a number of useful tools.
Figure
5-2: IoT Business Model Builder( adapted from [ BSI1 ])
This network-centric approach is based on the premise that each stakeholder contributing to the IoT solution has a specific business model and business case for its own organization. Any joint business model encompassing multiple stakeholders must unite all relevant aspects in a joint business case that captures the costs of each partner. The IoT Business Model Builder provides a list of helpful techniques for designing business models within partner networks.
5.1 IDEATION
Enterprises will typically identify IIoT application opportunities through an iterative process that starts and ends with the generation and refinement of ideas. Two drivers motivate this process: the first involves exploiting IIoT technologies to optimize production; the second involves the creation of solutions based on innovative business models. We examine each of these elements in more detail.
IIoT applications can unlock a wide variety of benefits, including( but not limited to) the following:
� cost and revenue optimization, � operational efficiency,
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