Improving business process and functionality using IoT based E3-value business model

The rapid development of the internet and its technologies helps enhance business models, product lifecycles, and services, etc. In addition, the Internet of Things (IoT) manages platforms for e-business and functionality. Even though the IoT-based e-business model improves overall business possibilities, it has several issues such as exact information on business assets and difficulties in the requirements analysis as well as in managing the large volume of business data. This paper introduces the E3-value business model for examining each requirement that successfully predicts the core elements of business, distribution channels, company propositions, and so on. The E3-value model examines the business processes, business segments, interfaces, value objects, and value offerings that successfully defines business and the related business functionality used to improve the overall performance of the business process. The developed method successfully overcomes the abovementioned issues, and the excellence of the IoT-based e-commerce system is evaluated using a relevant medical e-business process case study. Further, the efficiency of the system is evaluated using business process accuracy, end-user satisfaction, the Magnitude Relative Error, and the Pearson Correlation Coefficient.

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