Technology-Based Innovation for Business Model Innovation

Abstract

Innovation is the commercial application and successful exploitation of the idea. This means introducing something new into the business for improving or replacing business processes to increase efficiency and productivity. Development of entirely new and improved products and services for changing customer or consumer demands or needs, adding value to existing products, services, or markets is called business innovation. It is critical for any forward-thinking organization that technology plays a major role. Choosing technologies that will empower an organization is challenging. Today, technological innovations like internet-enabled mobile devices have allowed businesses to innovate news ways of doing things that were previously unthinkable. Innovation must be more than just technologically feasible and economically profitable. The successful exploitation of new ideas is crucial to a business being able to improve its processes, bring new and improved products and services to market, increase its efficiency, and most importantly, improve its profitability.