Value propositions of micro- and small enterprises in digital transformation of the global process industry
Saarela, Martti; Simunaniemi, Anna-Mari; Virkkala, Peetu; Muhos, Matti (2022-03-03)
Saarela, M., Simunaniemi, A.-M., Virkkala, P., & Muhos, M. (2022). Value propositions of micro- and small enterprises in digital transformation of the global process industry. In A. Khare, A. Ojala, & W. W. Baber, Sustainable International Business Models in a Digitally Transforming World (1st ed., pp. 175–190). Routledge. https://doi.org/10.4324/9781003195986-13
© Routledge. This is an Accepted Manuscript of a book chapter published by Routledge/CRC Press in Sustainable International Business Models in a Digitally Transforming World on 3 March 2022, available online: http://www.routledge.com/9781003195986.
https://rightsstatements.org/vocab/InC/1.0/
https://urn.fi/URN:NBN:fi-fe2023041837268
Tiivistelmä
Abstract
The ongoing fourth industrial revolution — Industry 4.0 — is pushing process industries toward massive digital transformation (DT). This transformation is still in its early stages, and many micro- and small enterprises (MSEs) are looking for business opportunities. As digital solution providers, MSEs need to design value propositions that successfully provide services to process industry companies. This multiple-case study explores the business model development of MSEs in the DT of large global process industry companies toward Industry 4.0. Data were gathered from six globally operating process industry companies and 13 Finnish MSEs that provide digital solutions to process industry companies. The Value Proposition Canvas tool was used as an analytical framework. The results reveal that to seize business opportunities, MSEs must articulate their added value to process industry customers. Moreover, to enhance their value propositions, MSEs must have a sufficiently comprehensive understanding of customers’ business processes and industry-specific production processes.
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