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A Study on the Strategy of IoT Industry Development in the 4th Industrial Revolution: Focusing on the direction of business model innovation
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Min Eui Joeng (Thebridgeconsulting)
Song-Jin Yu (Department. of Shipping Management, College of International studies, Korea Maritime and Ocean University)
Vol. 25, No. 2, Page: 57 ~ 75
Keywords
Internet of Things, 4th industrial revolution, Business Model Canvas, 9-Block model, Business Strategy
Abstract
In this paper, we conducted a study focusing on the innovation direction of the documentary model on the Internet of Things industry, which is the most actively industrialized among the core technologies of the 4th Industrial Revolution. Policy, economic, social, and technical issues were derived using PEST analysis for global trend analysis. It also presented future prospects for the Internet of Things industry of ICT-related global research institutes such as Gartner and International Data Corporation. Global research institutes predicted that competition in network technologies will be an issue for industrial Internet (IIoST) and IoT (Internet of Things) based on infrastructure and platforms.
As a result of the PEST analysis, developed countries are pushing policies to respond to the fourth industrial revolution through cooperation of private (business/ research institutes) led by the government.
It was also in the process of expanding related R&D budgets and establishing related policies in South Korea. On the economic side, the growth tax of the related industries (based on the aggregate value of the market) and the performance of the entity were reviewed. The growth of industries related to the fourth industrial revolution in advanced countries overseas was found to be faster than other industries, while in Korea, the growth of the "technical hardware and equipment" and "communication service" sectors was relatively low among industries related to the fourth industrial revolution. On the social side, it is expected to cause enormous ripple effects across society, largely due to changes in technology and industrial structure, changes in employment structure, changes in job volume, etc. On the technical side, changes were taking place in each industry, representing the health and medical sectors and manufacturing sectors, which were rapidly changing as they merged with the technology of the Fourth Industrial Revolution.
In this paper, various management methodologies for innovation of existing business model were reviewed to cope with rapidly changing industrial environment due to the fourth industrial revolution. In addition, four criteria were established to select a management model to cope with the new business environment: 'Applicability', 'Agility', 'Diversity' and 'Connectivity'. The expert survey results in an AHP analysis showing that Business Model Canvas is best suited for business model innovation methodology.
The results showed very high importance, 42.5 percent in terms of "Applicability", 48.1 percent in terms of "Agility“, 47.6 percent in terms of "diversity" and 42.9 percent in terms of "connectivity." Thus, it was selected as a model that could be diversely applied according to the industrial ecology and paradigm shift.
Business Model Canvas is a relatively recent management strategy that identifies the value of a business model through a nine-block approach as a methodology for business model innovation. It identifies the value of a business model through nine block approaches and covers the four key areas of business: customer, order, infrastructure, and business feasibility analysis. In the paper, the expansion and application direction of the nine blocks were presented from the perspective of the IoT company (ICT).
In conclusion, the discussion of which Business Model Canvas models will be applied in the ICT convergence industry is described. Based on the nine blocks, if appropriate applications are carried out to suit the characteristics of the target company, various applications are possible, such as integration and removal of five blocks, seven blocks and so on, and segmentation of blocks that fit the characteristics.
Future research needs to develop customized business innovation methodologies for Internet of Things companies, or those that are performing Internet-based services.
In addition, in this study, the Business Model Canvas model was derived from expert opinion as a useful tool for innovation. For the expansion and demonstration of the research, a study on the usability of presenting detailed implementation strategies, such as various model application cases and application models for actual companies, is needed.
Show/Hide Detailed Information in Korean
4차 산업혁명 시대의 사물인터넷 산업 발전전략에 관한 연구: 기업측면의 비즈니스 모델혁신 방향을 중심으로
정민의 (더브릿지전략컨설팅(주))
유성진 (한국해양대학교)
Keywords
사물인터넷, 4차산업혁명, 비즈니즈모델캔버스, 비즈니스전략, 중소기업비즈니스모델
Abstract
본 논문에서는 4차 산업혁명 핵심기술 중 가장 활발하게 산업화가 진행되고 있는 사물인터넷 산업을 대상으로 비즈모델 혁신방향 중심의 연구를 수행하였다. 글로벌 트렌드 분석을 위해 PEST분석을 활용하여 정책적, 경제적, 사회적, 기술적 이슈를 도출하였고, Gartner, International Data Corporation 등 ICT관련 조사・분석기관의 사물인터넷산업에 대한 미래전망을 제시하였는데, 사물인터넷은 인프라 및 플랫폼을 기반으로 산업인터넷(IIoT), 소물인터넷(IoST) 등으로 네트워크 기술경쟁이 이슈가 될 것으로 전망하였다. 4차 산업혁명으로 인해 급변하는산업계에 대응하기 위해 기존의 비즈니스 모델 혁신을 위한 다양한 경영학적 방법론들을 검토하였고, ‘적용성’, ‘민첩성’, ‘다양성’, ‘연계성’ 4가지 기준을 가지고 전문가 설문조사를 수행하여 Business Model Canvas 모델이비즈니스 모델 혁신 방법론으로 가장 적합하다는 AHP 분석결과를 도출하였다. Business Model Canvas는 비즈니스 모델 혁신을 위한 방법론으로 비교적 최근에 제시된 경영전략이며, 9개의 블록 접근 방식을 통해 비즈니스모델의 가치를 식별하며, 비즈니스의 4대 핵심 영역인 고객, 주문, 인프라, 사업타당성 분석 등을 포괄한다.
결론적으로 ICT융합산업 분야에서 어떠한 Business Model Canvas 모델을 방향으로 적용할지에 대한 고찰을 기술하였다.
Cite this article
JIIS Style
Joeng, M. E., and S.-J. Yu, "A Study on the Strategy of IoT Industry Development in the 4th Industrial Revolution: Focusing on the direction of business model innovation", Journal of Intelligence and Information Systems, Vol. 25, No. 2 (2019), 57~75.

IEEE Style
Min Eui Joeng, and Song-Jin Yu, "A Study on the Strategy of IoT Industry Development in the 4th Industrial Revolution: Focusing on the direction of business model innovation", Journal of Intelligence and Information Systems, vol. 25, no. 2, pp. 57~75, 2019.

ACM Style
Joeng, M. E., and Yu, S.-J., 2019. A Study on the Strategy of IoT Industry Development in the 4th Industrial Revolution: Focusing on the direction of business model innovation. Journal of Intelligence and Information Systems. 25, 2, 57--75.
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@article{Joeng:JIIS:2019:773,
author = {Joeng, Min Eui and Yu, Song-Jin},
title = {A Study on the Strategy of IoT Industry Development in the 4th Industrial Revolution: Focusing on the direction of business model innovation},
journal = {Journal of Intelligence and Information Systems},
issue_date = {June 2019},
volume = {25},
number = {2},
month = Jun,
year = {2019},
issn = {2288-4866},
pages = {57--75},
url = {},
doi = {},
publisher = {Korea Intelligent Information System Society},
address = {Seoul, Republic of Korea},
keywords = { Internet of Things, 4th industrial revolution, Business Model Canvas, 9-Block model and Business Strategy
},
}
%0 Journal Article
%1 773
%A Min Eui Joeng
%A Song-Jin Yu
%T A Study on the Strategy of IoT Industry Development in the 4th Industrial Revolution: Focusing on the direction of business model innovation
%J Journal of Intelligence and Information Systems
%@ 2288-4866
%V 25
%N 2
%P 57-75
%D 2019
%R
%I Korea Intelligent Information System Society