Why is Business Model Innovation Important?
If you want to keep up with the market pace, you need to learn to innovate at every step. Therefore, these business model innovation involves the use of new technologies, different processes, unique ideas, and futuristic products. Digital transformation and Business innovation go hand in hand with the company's overall development and market value. Successful implementation of business innovation indicates higher profits, greater revenue, increased customer demand, and improved reputation in the market. Some of the examples of business innovation models are: Power by the hour business model of Rolls Royce. Sharing Economy model for Airbnb Therefore, to make it more clear and to highlight why Business Model Innovation is important, we have mentioned the following points - Thrive in Competition: Since the 21st century, monopoly is long gone. No business company or organization is having a monopoly over the market and trade. Instead, digital transformation has enabled th...