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.