IoT business model Ecosystem, challenges, and opportunities.
By @KhedidjaOuheb
What does the Internet of Things Mean? some call it ‘’enchanted objects’’ like robotic furniture for living smaller or using computer vision and AI to grow food at home. A magical mirror that compares outfits, etc.... With the increase of complex connected ‘’things,’’ we need more adaptive technical solutions and new business model that creates and captures new value designs. An ecosystem models that consider the entire IoT ecosystem.
However, the question we should ask is ‘’what is the role of each stakeholder in this ecosystem?’’ the current business model needs to be changed and for that change to happen stakeholders need to adopt new approaches that create new design values and new business models to help the interdependent nature of the evolving businesses in the IoT ecosystem and understand the challenges in building it.
Challenges in building business models in the emerging IoT ecosystems
Looking at services from consumer’s point of view, it may require multi-sectoral services from different other industries. The challenge that we are facing today is ‘’how to build a value-creating ecosystem that creates the capability of working together?’’
First, the stakeholders and entrepreneurs need to shift their focus from the business model of a firm to ‘’value design’’ ecosystem business model due to the interdependent nature of today’s businesses and companies. Second, a collaboration among different stakeholders is needed. Local communities, partners, customers, end users are interdependent of each other and they need to interact with each other to co-create better ecosystem solutions and overcome the challenges and barriers for change and create and capture new value.
As a result, in order to create value in the IoT ecosystem business models, an active involvement from all actors and stakeholders network is required. People don’t buy Internet of Things, they buy a solution to the problem. The best approach I recommend to leverage the IoT and create ‘’value design’’ is Design Thinking approach that will help create a space to bring all different actors to work together in order to understand the existing problems and co-create better solutions.
By @KhedidjaOuheb
