IDEAS home Printed from https://ideas.repec.org/h/spr/fgfchp/978-3-030-20138-8_8.html
   My bibliography  Save this book chapter

The Internet of Things in a Business Context: Implications with Respect to Value Creation, Value Drivers, and Value Capturing

In: Digital Entrepreneurship

Author

Listed:
  • Victor Wolf

    (Technische Universität Bergakademie Freiberg)

  • Jutta Stumpf-Wollersheim

    (Technische Universität Bergakademie Freiberg)

  • Lukas Schott

    (Konica Minolta Business Solutions Deutschland GmbH)

Abstract

The Internet of Things (IoT) is a network that connects devices and everyday objects to exchange data. IoT solutions consist of two elements, namely, the “thing” itself and its digital addition. Thus, these solutions deliver value based on a physical “thing”-based function and on a digital, connected IT-based function. Due to this hybrid nature of the IoT construct, firms have to rethink how to create and capture value. However, we still know very little about the influence of the IoT on value creation, value drivers, and value capturing in a business context. We conceptually analyzed the potential impacts of the IoT on value creation, value drivers, and value capturing. With regard to value creation, we suggest that the characteristics of IoT solutions (the independence of the information stream and its accessibility) result in new possible ways of creating value and in specific drivers of value creation in IoT environments, namely, efficiency, network effects; customization, servitization and value co-creation, shared value drivers, and novelty. With regard to value capturing, we suggest that the hybrid value construct enables the value stream of digital information to be independently marketed, thereby allowing for completely new ways of capturing value in the IoT context.

Suggested Citation

  • Victor Wolf & Jutta Stumpf-Wollersheim & Lukas Schott, 2019. "The Internet of Things in a Business Context: Implications with Respect to Value Creation, Value Drivers, and Value Capturing," FGF Studies in Small Business and Entrepreneurship, in: Ronny Baierl & Judith Behrens & Alexander Brem (ed.), Digital Entrepreneurship, pages 185-197, Springer.
    • Handle: RePEc:spr:fgfchp:978-3-030-20138-8_8
    DOI: 10.1007/978-3-030-20138-8_8
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Graziela Molling & Amarolinda Zanela Klein, 2022. "Value proposition of IoT-based products and services: a framework proposal," Electronic Markets, Springer;IIM University of St. Gallen, vol. 32(2), pages 899-926, June.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:fgfchp:978-3-030-20138-8_8. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.