Driving Innovation in Industry 4.0 Through Business Model Simulation

In the dynamic Industry 4.0 landscape, organizations aim to enhance economic performance and sustainability. Business Model Innovation (BMI) plays a vital role, enabling firms to integrate disruptive technologies and maintain competitiveness. However, current BMI research mostly focuses on static Business Models (BMs), neglecting the dynamic interactions between BMs components. However, dynamic BM analysis is critical in the era of Industry 4.0 as it is a valuable decision-making tool supporting strategic planning in complex BMs. In this work, we propose a novel approach to conceptualize dynamic BM scenarios through a metamodel. Then, we present a model to demonstrate the use of our approach in the context of Industry 4.0. Finally, we discuss the practical implications that our proposal has on equipping firms with mechanisms to foster innovation and adaptability and respond to market volatility and competition.