Business Strategy and Innovation Framework | Page 26

Business Strategy and Innovation Framework
rather than the IIoT specifically , it is relevant to both types of project . The model covers the entire process from the initial idea through to business model evaluation , and provides a number of useful tools .
Figure
5-2 : IoT Business Model Builder ( adapted from [ BSI1 ])
This network-centric approach is based on the premise that each stakeholder contributing to the IoT solution has a specific business model and business case for its own organization . Any joint business model encompassing multiple stakeholders must unite all relevant aspects in a joint business case that captures the costs of each partner . The IoT Business Model Builder provides a list of helpful techniques for designing business models within partner networks .
5.1 IDEATION
Enterprises will typically identify IIoT application opportunities through an iterative process that starts and ends with the generation and refinement of ideas . Two drivers motivate this process : the first involves exploiting IIoT technologies to optimize production ; the second involves the creation of solutions based on innovative business models . We examine each of these elements in more detail .
IIoT applications can unlock a wide variety of benefits , including ( but not limited to ) the following :
� cost and revenue optimization , � operational efficiency ,
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