Platforms for the industrial internet of things: Enhancing business models through interoperability

In industrial facilities, the integration of new information technology services is complicated by existing infrastructure of machines and operational technology (OT) like machine control systems. Digital platforms for the Industrial Internet of Things (IIoT) help with overcoming these hurdles through enabling connectivity between devices, storage of machine data, and analytics for operational insights. In addition, they facilitate the development of complementary applications and enable the design of novel business models. This chapter introduces six new business model components that are enhanced through interoperability identified by a structured content analysis of expert interviews. The new business model components are monetization of operation data, co-development of products, synchronization with end customer ecosystem, information integration, co-usage enablement, and automated procurement and vending operations. The chapter shows that interoperability offers great potential for IIoT platform business models.