Impact of Innovation on the Business Model on Organizational Quality and Competitiveness

Abstract

In the current business environment, innovation is viewed as a key tool for the growth and sustainability of the organization. Because of their role in determining the field of action of a company as a focal point, markets have become too fast evolving and demanding that the business models need to be redesigned and rethought. Business model innovation (BMI) is the process of creating new ways of organisation’s value creation, delivery, and capture. Its transformation, however, implies reconfiguring or calling innovations to the areas of the company’s business model including, but not limited to, value propositions, revenue model, customers segments or its processes of operation, to tackle the new challenges and exploit new opportunities.Taking this into consideration, this research article deals with innovation in the business model which plays a key role to enhance the organizational quality as well as the competition of the company. The analysis sheds light on required innovations in a business model to enhance organizational quality, efficiency, and competitiveness in dynamic, highly competitive industries.