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Internet of Things (IoT) in Business Strategies : An Exemplary Framework
Devarshi Chatterjee Prof (Dr) Devapriya Chatterjee
Abstract:
The paper brings to light the several strategies, used by businesses, utilizing the Internet of Things (IoT). As we are aware, the Internet of Things (IoT) is a distributed network of physical objects, that are connected to each other. The Internet of Things (IoT) devices do not use any intermediary, but make the exchange of data with each other. and in this fashion, the complexity of the business environment is increased manifold, opening up the opportunities of new business. In the event of the owner of the platform having an open source technology, and never owning the data, different users could build and use on the same platform. The research brings to light a framework with a few additional strategies, that remain dependent on the integration of the offerings of the business into the contribution of the Internet of Things (IoT) environment, or into one of the value-chains of the industry, taking into consideration, the nature of offering of the business, whether systematic or stand-alone. The identified strategies of the businesses, are taken into consideration, for bringing to light the new framework. New opportunities that make a significant impact on the management of the strategies and boundaries of the organizations, emanate from digitalization. As the businesses evolve from technological verticals and clusters of propriety towards new open environment, a study is necessary for the employing of innovative strategies for the new open business environments. The decrease of cost of cloud computing as well as advanced technology, resulting from the complex offerings of service, driven by augmented expectations of the customers, is the net result of the transformation caused by the digitalization.
