In the context of the wide-spread digitization of businesses and society at large, the logic inherent in a business model has become critical for business success and, hence, a focus for academic inquiry. The business model concept is identified as the missing link between business strategy, processes, and Information Technology (IT). The BISE community offers distinct and unique competencies that can be harnessed for significant research contributions to this field. Three distinct streams are delineated, namely, business models in IT industries, IT enabled or digital business models, and IT support for developing and managing business models.

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Taxonomies are classification systems that help researchers conceptualize phenomena based on their dimensions and characteristics. To address the problem of ‘ad-hoc’ taxonomy building, Nickerson et al. (2013) proposed a rigorous taxonomy development method for information systems researchers. Eight years on, however, the status quo of taxonomy research shows that the application of this method lacks consistency and transparency and that further guidance on taxonomy evaluation is needed. To fill these gaps, this study (1) advances existing methodological guidance and (2) extends this guidance with regards to taxonomy evaluation. Informed by insights gained from an analysis of 164 taxonomy articles published in information systems outlets, this study presents an extended taxonomy design process together with 26 operational taxonomy design recommendations. Representing an update for taxonomy designers, it contributes to the prescriptive knowledge on taxonomy design and seeks to augment both rigorous taxonomy building and evaluation.

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