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1. Enhance your Value Creation and Value Capture with IoT Environment Internet of things has opened a myriad of possibilities and sparked revolutionary changes in the business ecosystem. Traditional operation and business models are incapable of supporting IoT environment and forced the enterprises to revisit their business models and business strategies to exploit the full potential out of the IoT solutions and accommodate the IoT platforms and devices to function smoothly managing a large number of devices interoperable and interconnected through standard communication protocols. What is Internet of Things? Simply put Internet of Things or Pervasive Computing enables physical objects to connect with each other via a network. Internet of Things solutions are simply everyday devices with embedded sensors and actuators; machines or devices that can talk to each other and capable of communicating with the cloud, the gateways, and applications without any human intervention. Each of these smart objects possesses a unique Identifier, an IP address making it possible to address them and helping them to

2. communicate with each other and with the cloud, the applications running at the edge, also, the people by using different IoT protocols (ZigBee, Z-Wave, 6LowPAN, Thread, Cellular, LoRaWAN etc.). IoT is now possible As the implementation costs of ​IoT solutions​ are gradually reducing and other technological innovations like high-speed 5G connectivity, voice recognition, and cloud technologies are being introduced the IoT practices are getting more popular and seem more practical and viable for the businesses to adopt. The Gartner prediction of 25 billion of connected devices by 2020 illustrate the nature of the changes it will bring how the business operations are conducted, services are offered and the business models are followed. Also, the industry and different bodies are working on developing common standards to ensure the future proofing of the IoT solutions by connecting the different IoT platforms and the multiple technologies associated with it to create an inclusive IoT ecosystem to really envision dream of connected smart devices across the globe. Changing business models with Internet of Things Business models typically define how the different business actors, channels, resources interact with each other producing profit. It demonstrates the general structure of the components, define the relationship between the components and explain their internal dynamics laying out the basic rationales how an enterprise creates, delivers and captures value in different contexts. IoT architecture consists of three layers, IoT devices, IoT platforms, and the network and these are not acting separately but connected continuously influencing each other in terms of the business process must be taken into consideration while discussing the ideal business model for companies offering or enjoying IoT solutions and another major impact that has been created by the Internet of Things is the amount of the data that it generating and will be multiplied exponentially in coming few years presenting both immense potential and acute challenges need an innovative and intelligent business model that is able to handle and utilize this enormous amount of data. With smart cities and exponential rise in connected devices, no enterprises will be able to act alone and the products and services will become obsolete faster and every organization will be sharing the Internet of Things environment someway the quick fixes with streamlining the existing business model or a few changes in the old framework

3. won't do. A major shift in the mindset is required in the idea of value creation and value capture in the Internet of Things business. ● In case of ​value creation​ rather than responding to the existing customer need in a reactive way, the approach will be to address the emergent needs in real-time identifying them in a predictive manner. ● Offerings will be the products that enhance and improve accepting online updates and hold synergy value instead of stand-alone traditional products that become obsolete soon. ● The role of data will be transformed as the information convergence will craft the experiences for the current products and services rather than only depending on the single point data. ● Value capture​ will also be very different as IoT solutions or the businesses using IoT solutions will generate recurring revenue with the product or the services constantly updated incorporating new features and attributes or ancillaries like value-added services, subscriptions, applications rather than concentrating on simply selling the next product. ● With commodity advantages, IP ownership and brand personalization and context will create more loyal customers and network effects the scale as the more products can be included. ● Also, enterprises have to focus on the collaboration and partnership rather than only concentrating on developing their own core competencies as no organization will be able to sustain alone in the IoT ecosystem. Several models have been proposed to support and enhance the Internet of Things business environment to capacitate the businesses to enjoy its advantages fully. The MOP Model proposed by Li & Xu (2013) describes the IoT business model as a multidimensional structure that is comprised of technology, industry, policy, and strategy four different dimensions. Sun et al., explained in the DNA model (where D, N and A representing the Design, Need and Aspirations respectively) the structure and relationship between the three blocks Design, Need and Aspirations asserting that they are same at any level of the business model. Rong et al., (2015) prepared a 6 C framework composed of Context, Cooperation, Constructive elements, Configuration, Capability, and Change to understand the IoT based businesses. Another view that has been explored is the value chain and defining value chain is much more complicated than the traditional firms. There are five major players are battling out to acquire the leading share in the IoT value chain, the device providers, operators, platform providers, system integrators and application providers and none of them are capable of providing the end to end solution.

4. If considering developing connected products or a services Internet of Things can create a profound effect on the way your business will create and capture value and demand a detail consideration how it will impact your business model before deciding on the finally going ahead with the endeavor. Thinking of building connected products or services or need any assistance with the existing one just mail us at sales@webmatrixtech.com​.