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.

经营多种商业模式的组织数量持续增加。然而，运营多种商业模式可能很复杂，因为它们相互依赖，通常需要在更广泛的投资组合中进行协调。数字技术和数据的作用越来越大，加剧了这种复杂性——带来了新的机遇，但也带来了相关的悖论。本文研究了越来越多的关于商业模式组合的文献，揭示了它们正在演化为价值创造和业务绩效的战略工具。虽然互补性和协同作用会产生伴随的组织协同作用，但也需要考虑因紧张局势而出现的悖论。采用发展性文献综述，我们综合了最近的实证案例研究，以深入了解商业模式组合的管理。首先，我们确定了不同的战略意图：多样化、感知和互补。其次，我们提炼出价值机会和悖论的不同主题，并根据商业模型框架对它们进行分类。第三，我们确定并讨论了数字技术和数据在商业模式组合中的作用。总的来说，我们为与战略、创新和技术相关的多种商业模式的新兴研究做出了贡献。通过对商业模式组合的管理采用整体视角，我们探索战略意图、价值机会和悖论，并讨论组合如何在战略管理和规划中发挥作用。