Business models for the service transformation of industrial firms

This study comprehensively reviews the literature on the service transformation of industrial firms, applying the business model (BM) perspective. Despite the wide use of the BM terminology, a true BM approach to this phenomenon is an emergent trend. We provide a threefold contribution to the research debate. First, we identify the reasons of relevance of such a BM approach to the service transformation phenomenon. Second, based on a reference model, we provide a characterization of the service transformation literature according to the BM perspective, both from the structural and the content standpoints. Third, we outline four future research directions: (i) the comprehensive and detailed structural description of BMs; (ii) the adoption of a differentiated approach to BMs; (iii) the internal and external factors affecting the choice of BMs; (iv) the transition paths.