Showing papers on "Business model published in 2020"

Literature review of Industry 4.0 and related technologies

Abstract: Manufacturing industry profoundly impact economic and societal progress. As being a commonly accepted term for research centers and universities, the Industry 4.0 initiative has received a splendid attention of the business and research community. Although the idea is not new and was on the agenda of academic research in many years with different perceptions, the term “Industry 4.0” is just launched and well accepted to some extend not only in academic life but also in the industrial society as well. While academic research focuses on understanding and defining the concept and trying to develop related systems, business models and respective methodologies, industry, on the other hand, focuses its attention on the change of industrial machine suits and intelligent products as well as potential customers on this progress. It is therefore important for the companies to primarily understand the features and content of the Industry 4.0 for potential transformation from machine dominant manufacturing to digital manufacturing. In order to achieve a successful transformation, they should clearly review their positions and respective potentials against basic requirements set forward for Industry 4.0 standard. This will allow them to generate a well-defined road map. There has been several approaches and discussions going on along this line, a several road maps are already proposed. Some of those are reviewed in this paper. However, the literature clearly indicates the lack of respective assessment methodologies. Since the implementation and applications of related theorems and definitions outlined for the 4th industrial revolution is not mature enough for most of the reel life implementations, a systematic approach for making respective assessments and evaluations seems to be urgently required for those who are intending to speed this transformation up. It is now main responsibility of the research community to developed technological infrastructure with physical systems, management models, business models as well as some well-defined Industry 4.0 scenarios in order to make the life for the practitioners easy. It is estimated by the experts that the Industry 4.0 and related progress along this line will have an enormous effect on social life. As outlined in the introduction, some social transformation is also expected. It is assumed that the robots will be more dominant in manufacturing, implanted technologies, cooperating and coordinating machines, self-decision-making systems, autonom problem solvers, learning machines, 3D printing etc. will dominate the production process. Wearable internet, big data analysis, sensor based life, smart city implementations or similar applications will be the main concern of the community. This social transformation will naturally trigger the manufacturing society to improve their manufacturing suits to cope with the customer requirements and sustain competitive advantage. A summary of the potential progress along this line is reviewed in introduction of the paper. It is so obvious that the future manufacturing systems will have a different vision composed of products, intelligence, communications and information network. This will bring about new business models to be dominant in industrial life. Another important issue to take into account is that the time span of this so-called revolution will be so short triggering a continues transformation process to yield some new industrial areas to emerge. This clearly puts a big pressure on manufacturers to learn, understand, design and implement the transformation process. Since the main motivation for finding the best way to follow this transformation, a comprehensive literature review will generate a remarkable support. This paper presents such a review for highlighting the progress and aims to help improve the awareness on the best experiences. It is intended to provide a clear idea for those wishing to generate a road map for digitizing the respective manufacturing suits. By presenting this review it is also intended to provide a hands-on library of Industry 4.0 to both academics as well as industrial practitioners. The top 100 headings, abstracts and key words (i.e. a total of 619 publications of any kind) for each search term were independently analyzed in order to ensure the reliability of the review process. Note that, this exhaustive literature review provides a concrete definition of Industry 4.0 and defines its six design principles such as interoperability, virtualization, local, real-time talent, service orientation and modularity. It seems that these principles have taken the attention of the scientists to carry out more variety of research on the subject and to develop implementable and appropriate scenarios. A comprehensive taxonomy of Industry 4.0 can also be developed through analyzing the results of this review.

The economics of COVID-19: initial empirical evidence on how family firms in five European countries cope with the corona crisis

Abstract: Purpose – Within a very short period of time, the worldwide pandemic triggered by the novel coronavirus has not only claimed numerous lives but also caused severe limitations to daily private as well as business life. Just about every company has been affected in one way or another. This first empirical study on the effects of the COVID-19 crisis on family firms allows initial conclusions to be drawn about family firm crisis management. Design/methodology/approach – Exploratory qualitative research design based on 27 semi-structured interviews with key informants of family firms of all sizes in five Western European countries that are in different stages of the crisis. Findings – The COVID-19 crisis represents a new type and quality of challenge for companies. These companies are applying measures that can be assigned to three different strategies to adapt to the crisis in the short term and emerge from it stronger in the long run. Our findings show how companies in all industries and of all sizes adapt their business models to changing environmental conditions within a short period of time. Finally, the findings also show that the crisis is bringing about a significant yet unintended cultural change. On the one hand, a stronger solidarity and cohesion within the company was observed, while on the other hand, the crisis has led to a tentative digitalization. Originality/value – To the knowledge of the authors, this is the first empirical study in the management realm on the impacts of COVID-19 on (family) firms. It provides cross-national evidence of family firms’ current reactions to the crisis.

A Stakeholder Theory Perspective on Business Models: Value Creation for Sustainability

Abstract: Business models are developed and managed to create value. While most business model frameworks envision value creation as a uni-directional flow between the focal business and its customers, this article presents a broader view based on a stringent application of stakeholder theory. It provides a stakeholder value creation framework derived from key characteristics of stakeholder theory. This article highlights mutual stakeholder relationships in which stakeholders are both recipients and (co-) creators of value in joint value creation processes. Key findings include that the concept and analysis of value creation through business models need to be expanded with regard to (i) different types of value created with and for different stakeholders and (ii) the resulting value portfolio, i.e., the different kinds of value exchanged between the company and its stakeholders. This paper details the application of the stakeholder value creation framework and its theoretical propositions for the case of business models for sustainability. The framework aims to support theoretical and empirical analyses of value creation as well as the management and transformation of business models in line with corporate sustainability ambitions and stakeholder expectations. Overall, this paper proposes a shift in perspective from business models as devices of sheer value creation to business models as devices that organize and facilitate stakeholder relationships and corresponding value exchanges.

Sustainable Business Models: A Review

Abstract: During the past two decades of e-commerce growth, the concept of a business model has become increasingly popular. More recently, the research on this realm has grown rapidly, with diverse research activity covering a wide range of application areas. Considering the sustainable development goals, the innovative business models have brought a competitive advantage to improve the sustainability performance of organizations. The concept of the sustainable business model describes the rationale of how an organization creates, delivers, and captures value, in economic, social, cultural, or other contexts, in a sustainable way. The process of sustainable business model construction forms an innovative part of a business strategy. Different industries and businesses have utilized sustainable business models’ concept to satisfy their economic, environmental, and social goals simultaneously. However, the success, popularity, and progress of sustainable business models in different application domains are not clear. To explore this issue, this research provides a comprehensive review of sustainable business models literature in various application areas. Notable sustainable business models are identified and further classified in fourteen unique categories, and in every category, the progress -either failure or success- has been reviewed, and the research gaps are discussed. Taxonomy of the applications includes innovation, management and marketing, entrepreneurship, energy, fashion, healthcare, agri-food, supply chain management, circular economy, developing countries, engineering, construction and real estate, mobility and transportation, and hospitality. The key contribution of this study is that it provides an insight into the state of the art of sustainable business models in various application areas and future research directions. This paper concludes that popularity and the success rate of sustainable business models in all application domains have been increased along with the increasing use of advanced technologies.

Innovative "Bring-Service-Near-Your-Home" Operations under Corona-Virus (COVID-19/SARS-CoV-2) Outbreak: Can Logistics Become the Messiah?

Abstract: The corona virus (COVID-19/SARS-CoV-2) outbreak has created serious disruptions to many business operations. Among them, many service operations, which require customers to travel and visit a place indoor, become almost infeasible to run in a crowded city like Hong Kong. Motivated by a recent reported real case on an innovative service operation in Hong Kong, we build analytical models to explore how logistics and technologies together can transform the "static service operations" to become the "bring-service-near-your-home" mobile service operations. We also highlight how the government may provide the subsidy to support the above mentioned mobile service operation (MSO) to make it financially viable. We specifically show that the government may adopt the fixed-cost-subsidy (FCS) scheme, operations-cost-subsidy (OCS) scheme or safety-technology-support (STS) scheme to help. We further uncover that the OCS scheme would bring a larger consumer surplus than the FCS scheme and is hence more preferable. In the extended models, we first study the case when service fee cannot be changed because of corona virus outbreak (CVO). We then explore the feasibility of adopting MSO in the long run as a financially self-sustainable service operation and derive the analytical conditions under which MSO is a win-win business model for both the service provider and consumers. Finally, we study the optimal safety technology investment problem.

Identifying Digital Transformation Paths in the Business Model of SMEs during the COVID-19 Pandemic

Abstract: The objective of this study was to analyze how small and medium enterprises (SMEs) cope with environmental changes due to the COVID-19 pandemic by pursuing the business model transformation with the support of digital technologies. To achieve the objective, this study used a multiple case study design with qualitative analysis to examine the data obtained from interviews, observation, and field visits. Seven manufacturing SMEs from Indonesia were selected using a theoretical sampling technique, with the purpose of achieving some degree of variation to allow us to undertake replication logic. Our analysis demonstrates that SMEs adopt a different degree of digital transformations, which can be summarized into three paths, depending on the firms’ contextual factors. First, SMEs with a high level of digital maturity who respond to the challenges by accelerating the transition toward digitalized firms; second, SMEs experiencing liquidity issues but a low level of digital maturity who decide to digitalize the sales function only; and, third, the SMEs that have very limited digital literacy but are supported by a high level of social capital. This last group of firms solves the challenges by finding partners who possess excellent digital capabilities. The qualitative case study method allows us to conduct in-depth and detailed analysis, but has thin generalizability. To address this limitation, future research can use a survey covering various industries to test the proposed theory that has resulted from this study, so that the generalizability can be assured.

Designing business models in circular economy: A systematic literature review and research agenda

Abstract: The concept of circular economy is increasingly receiving attention in different domains, including strategic management, operations management, and technology management. It requires companies to design their business model (i.e., the value network, the relationships with the supply chain partners, and the value propositions towards customers) around a new concept of sustainable development that reduces consumption of natural resources and preserves the environment. However, extant research falls short in terms of explaining how companies design their business model according to the circular economy principles. Starting from this premise, the present paper provides a systematic review of the literature on the design of business models in the context of circular economy, aiming to offer an overview of the state of research and outline a promising research agenda.

Circular economy business models: the state of research and avenues ahead

Abstract: This study investigates how the circular economy and business models are related in the current business and management literature Based on bibliometric analytical procedures, 253 articles were retrieved from the Scopus, Web of Science, and ScienceDirect scientific databases The articles were analyzed according to network analysis principles, and key terms were mapped into a network We used VOSviewer to build the network, explore the most‐researched terms and their relationships, and identify less‐explored terms and research gaps We furthermore conducted a qualitative review of selected publications to provide an illustration of quantitative results and delve deeper into the research topics The main findings revealed the networks of current topics as they appear in the publications such as business models, the circular economy, circular business models, value, supply chain, transition, resource, waste, and reuse, and their most prevalent relationships The results also highlighted several emerging topics such as those connected with managerial, supply‐side, demand‐side, networking, performance, and contextual considerations of circular business models

6G Wireless Systems: A Vision, Architectural Elements, and Future Directions

Abstract: Internet of everything (IoE)-based smart services are expected to gain immense popularity in the future, which raises the need for next-generation wireless networks. Although fifth-generation (5G) networks can support various IoE services, they might not be able to completely fulfill the requirements of novel applications. Sixth-generation (6G) wireless systems are envisioned to overcome 5G network limitations. In this article, we explore recent advances made toward enabling 6G systems. We devise a taxonomy based on key enabling technologies, use cases, emerging machine learning schemes, communication technologies, networking technologies, and computing technologies. Furthermore, we identify and discuss open research challenges, such as artificial-intelligence-based adaptive transceivers, intelligent wireless energy harvesting, decentralized and secure business models, intelligent cell-less architecture, and distributed security models. We propose practical guidelines including deep Q-learning and federated learning-based transceivers, blockchain-based secure business models, homomorphic encryption, and distributed-ledger-based authentication schemes to cope with these challenges. Finally, we outline and recommend several future directions.

Parallel Play: Startups, Nascent Markets, and Effective Business-model Design:

Abstract: Prior research has advanced several explanations for entrepreneurial success in nascent markets but leaves a key imperative unexplored: the business model. By studying five ventures in a nascent fi...

Priorities for science to overcome hurdles thwarting the full promise of the 'digital agriculture' revolution.

Abstract: The world needs to produce more food, more sustainably, on a planet with scarce resources and under changing climate. The advancement of technologies, computing power and analytics offers the possibility that 'digitalisation of agriculture' can provide new solutions to these complex challenges. The role of science is to evidence and support the design and use of digital technologies to realise these beneficial outcomes and avoid unintended consequences. This requires consideration of data governance design to enable the benefits of digital agriculture to be shared equitably and how digital agriculture could change agricultural business models; that is, farm structures, the value chain and stakeholder roles, networks and power relations, and governance. We argue that this requires transdisciplinary research (at pace), including explicit consideration of the aforementioned socio-ethical issues, data governance and business models, alongside addressing technical issues, as we now have to simultaneously deal with multiple interacting outcomes in complex technical, social, economic and governance systems. The exciting prospect is that digitalisation of science can enable this new, and more effective, way of working. The question then becomes: how can we effectively accelerate this shift to a new way of working in agricultural science? As well as identifying key research areas, we suggest organisational changes will be required: new research business models, agile project management; new skills and capabilities; and collaborations with new partners to develop 'technology ecosystems'. © 2018 The Authors. © 2018 The Authors. Journal of The Science of Food and Agriculture published by John Wiley & Sons Ltd on behalf of Society of Chemical Industry.

Operations management in the age of the sharing economy: What is old and what is new?

Abstract: The sharing economy, a term we use to refer to business models built around on-demand access to products and services mediated by online platforms that match many small suppliers or service provide...