A holistic approach to visualizing business models for the internet of things

The Internet of Things (IoT) promises huge potential economic benefits. However, current IoT applications are in their infancy and the full potential of possible business opportunities is yet to be discovered. To help realize these economic benefits, workable business models are required that show where opportunities exist. In this article we describe the Business DNA Model - a representation of a business model in terms of Design , Needs , and Aspirations , which greatly simplifies presentation, analysis, and design of business models. This model can be used by IoT stakeholders to generate and analyse stories, models, and projects for strategic management, business strategy, and innovation. We present one scenario - smart logistics - to illustrate how the Business DNA Model might be applied.