Paths to Innovate Business Models in an Economic Downturn

Abstract

Innovation is critical in sustaining business competitiveness and in improving productivity. In today's fast-changing business environment, constant innovation is the key to survival. The long-term viability and prosperity of an organization has a great dependence on its ability to innovate. The current scenario of economic downturn can be seen as the right moment to implement an innovation strategy and to reformulate the business strategy of a company. This article presents nine ways to change the actual business models of companies in order to attend new business opportunities and to increase their flexibility to market changes. The role of innovation in the business model framework is explored, revealing that the business model component will be a greater source of competitive advantage compared to products and services. Additionally, the role of technology on these changes is analyzed, and the increased importance of information technology in the enterprise's organization is explored.

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“…The quality of financial reporting has long been a significant concern for regulatory bodies. Oscar Silva, 2020 [12] 1. The study specifically concentrates on Portugal, examining the various elements that pertain to the obstacles and prospects presented by the COVID-19 pandemic.…”