IoT business model innovation as new value generator, how to apply and take advantage of it on industrial companyies

Abstract

We live in rapidly changing times, especially for businesses. Consider that, in a single generation, businesses have had to adapt to entirely new marketing channels (web and social), decide how to invest in and utilize new technologies, and compete on a global stage — things that were barely imaginable to our parents’ and grandparents’ generations. The world we live in is getting smaller day after day ―thanks to‖ the era of conectivity. There is no difference for industrial companies. The digital revolution or fourth industrial revolution is already present and companies have to prepare and adapt rapidly to the constant current and coming changes. On one hand, globalization has made any company in the world a direct competitor. So, what could companies make in order to afford it? How can they compete against China´s or other Asian countrie’s the manufacturing and production costs? On the other hand, the industrial digitalization is the cutting edge of technology. Make all the proceses interconnected, is one of the opportunities that the new technologies offer to the companies. So, how the industrial companies should face these constant and fast changes in order to keep moving forward? The core question is the process that companies have to follow in order to overcome and even take advantage of the changes that are coming (or those ones already here). The following document could be a guide or a bussiness plan for those industrial companies that want prepare themselves for the challenges that technology brigs with it.