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:

5 Strategic Relationship Lessons from The Millionaire Matchmaker

Lessons from reality dating shows can be applied to strategic business relationships. Here are five tips on building successful relationships.

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Why iPhone X's Face Recognition Failed

Apple's iPhone X launch faced a major glitch when the face recognition feature failed to work on the primary demo phone. However, the backup phone saved the day and the incident taught presenters a lesson in staying calm and confident during a demo gone bad.

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Expectation Management: The Art of Under-Promise and Over-Deliver

Managing expectations is key to successful project management, and under-promising and over-delivering is a proven approach. Consider rethinking your relationship with clients, setting clear boundaries, and being honest to maximize efficiency.

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