Ontological Progress in Economic Management

In 2012, ISEE conducted a culminating comprehensive project assessing the fundamental knowledge available about economic management.

This was the largest and most relevant project undertaken by ISEE in this area. Eighty-nine invitations were sent to prominent representatives of the professional academic community. Over five months, more than fifty working meetings were held, during which dozens of research papers were reviewed and analyzed.

Findings and Insights

Societal Benefit of BMO

All participants firmly believed in the societal value of knowledge about Business Model Ontology. A model ontology which, for the purposes of economic practice, contributes clear and verifiable knowledge about the principle setup and way of functioning of the enterprise as the systemic anatomical and physiological model does for medical practice

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” Currently, there is no such description of the “anatomy” and “physiology” of the business. There are some descriptions, but separately“

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“…Research that can prove empirically that it doesn’t matter how different businesses are, they all function in the same way is bound to make a very big revolution. This will be a boom.”

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“There is no such overarching model. It cannot exist. Any of my colleagues you talk to will tell you that there is no such model. To invent one, that person must be a practitioner who has faced the problems of an enterprise and knows both theory and practice.”

Research progress on BMO

All participants firmly perceived the pursuit of a comprehensive Business Model Ontology as a daunting and seemingly unattainable task as it needs to correspond to the complexity of reality.

Research progress on BMO

All participants firmly perceived the pursuit of a comprehensive Business Model Ontology as a daunting and seemingly unattainable task as it needs to correspond to the complexity of reality.

“
“There is no such overarching model. It cannot exist. Any of my colleagues you talk to will tell you that there is no such model. To invent one, that person must be a practitioner who has faced the problems of an enterprise and knows both theory and practice.”

Academic assessment of ISEE’s BMO

The assessment of ISEE’s BMO by the participants showcased that this knowledge contributes to bridging the knowledge gap in the area of comprehensive systemic management of the economy of enterprises.

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“What you are trying to do is fundamental scientific research…. I believe that this model is unique. The approach itself is unique.”

Implications

There is a lack of knowledge in management education programs regarding the universal principle setup and way of functioning of business enterprises.

Today’s educational system provides numerous fragments of knowledge, each part of a potential Business Model Ontology. However, due to the absence of such a universal model, each fragment of knowledge, like the business model canvas, strives to be self-sufficient in order to be usable.

Rather than that, there should be a larger focus on the significant lack of connectivity between fragments and the potential derivation of universal knowledge of a Business Model Ontology.