Business Model Innovation through the Internet of Things

Subject | Business & Management

Learning
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Business Model Innovation through the Internet of Things

IoT
Business Model

This course focuses on business model innovation and relevant business/data analytics through the Internet-of-Thing (IoT) lens, detailing: (1) IoT ecosystems and platforms, (2) IoT-enabled products and services, (3) outcome-oriented business models, and (4) business and data analytics. The practical goals of the course are to teach students various ways to use the IoT technology to create value and the relevant business models used to appropriate that value. The IoT is enabling to shift existing business models from a product- or service-based economy to an Outcome Economy, i.e., IoT-enabled products and services in the value net are orchestrated to jointly deliver the outcomes that end customers desire. In parallel, the business model of the seller will align to match the business model of the buyer. These two forces are brought together by the IoT platform to sell the IoT-enabled outcomes, eventually changing the industry structure. Of note is that this course is quantitative in nature and heavy on code (R programming and Shiny apps) and due to the fact that data-driven analytics is the core element in any IoT-enabled products/services.