The number of organisations that operate multiple business models continues to increase. However, operating multiple business models can be complex, as they often need to be harmonised within a broader portfolio due to their interdependencies. This complexity is exacerbated by the increasing role of digital technology and data – enabling new opportunities but also coming with related paradoxes. This paper examines the growing body of literature on business model portfolios revealing that they are evolving into a strategic tool for value creation and business performance. While there are concomitant organisational synergies arising from complementarities and synergies, there are also paradoxes emerging from tensions that need to be considered. Employing a developmental literature review, we present a synthesis of recent empirical case studies to gain insight into the management of business model portfolios. Firstly, we identify different strategic intents: diversifying, sensing, and complementing. Secondly, we distil different themes for value opportunities and paradoxes and categorise them according to a business model framework. Thirdly, we identify and discuss the role of digital technologies and data for business model portfolios. Overall, we contribute to an emerging stream of studies on multiple business models in relation to strategy, innovation and technology. By adopting a holistic perspective on the management of business model portfolios, we explore strategic intent, value opportunities and paradoxes, and discuss how portfolios can play a role in strategic management and planning.
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