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Pushing the Limits using Business Model Innovation a Three Pronged Approach and Lessons Learned

Ignitia Motjolopane

Abstract


In a constantly changing business environment, with increasing digitization and the fourth industrial revolution blurring the traditional value creation boundaries, companies need to explore ways to push the limits to remain competitive. Business model innovation offers companies the dynamic capability to differentiate business models and find innovative revenue streams while reducing costs. As such, the question arises as to how companies may use business model innovation to remain competitive as the world digitizes. Based on a literature review and empirical research involving six case studies, a three-pronged approach in support of business model innovation is proposed. Business model innovation has the potential to push the limits when company executives and academia focus on the interrelation between drivers, processes, and components. Moreover, both effective and ineffective practices based on the research are presented. In conclusion, for companies to use business model innovation in pushing the limits, they need to respond to the business model innovation drivers, adopt a systematic process, and change at least one or more business model components, taking into account the interactions between these three concepts. This article may contribute to existing theory in the field of business model innovation and lessons learned from executives that have pushed the limits of business model innovation.

 

Doi: 10.28991/HEF-2021-02-01-03

Full Text: PDF


Keywords


Business Model Innovation; Drivers; Business Model Innovation Process; Business Model Components; South Africa.

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Full Text: PDF

DOI: 10.28991/HEF-2021-02-01-03

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