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We do know that IoT provides us capabilities to “Transform” our Business Models but a question that I consistently hear is – How do we strategize about IoT enhanced business models?
Unfortunately, I don’t see many robust frameworks out there that answer this question precisely and correctly. And in my perspective, developing a robust framework that can help you define your IoT strategy can be game changing for many companies that believe their products/offerings have the potential to leverage IoT.
So I have developed this basic “IoT Business Model Thought Framework” that can help you and your team thinking in the right direction. And as I always say, there is no rigidity around my frameworks. They are just tools to help you structure your thoughts on how to think about a certain aspect. As captured in the notes in the illustration, what this framework suggests is:
(1) You can pick each element of the business model and then split it into components.
(2) Then Brainstorm how you can leverage IoT to enhance, upgrade or expand on that component (This illustration uses only one component, as an example, for each layer).
(3) Note that the individual components of the business model are not completely siloed. IoT leveraged to enhance one component will impact other, as indicated in the notes in the illustration.