Why is Business Model Innovation Important?

Why is Business Model Innovation Important?

Business Model Innovation involves the use of new technologies, unique ideas, and futuristic products to keep up with market pace. It is vital in today's digital age, where companies need to constantly update their processes, adopt new technologies, and enjoy customer demand to thrive in the competition, maintain a stronghold in the market, and generate higher returns. Moreover, Business Model Innovation is strongly interrelated with other types of innovation, such as technological and product innovation. By making strategic changes to product design or organizational setup, companies can meet changing customer demands and attract talent which helps enhance overall performance and productivity of an organization.

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More Innovation Resources:

Five Steps to Add Into Your Innovation Management Process

Planning an innovation management program involves a lot of considerations. In this article, Idea Drop shares the key elements to think about when planning your innovation management process.

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The 6 innovation KPIs you should be tracking

Measuring the impact of your innovation program can be tricky, but sound Key Performance Indicators (KPIs) can help. Here are six KPIs to consider: engagement, actionable ideas, projected profitability, actual profitability, costs, and cultural impact.

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Improving Flow through Integration in Santa’s Workshop: A Fictional Case Study

Improving Flow through Integration in Santa’s Workshop: A Fictional Case Study

How can Santa's Workshop keep up with the demands of a booming population? A Value Stream Architecture diagram can provide insights on how to improve the flow of value through the workshop, and achieve speed through integration.

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