Business Model Innovation - MIT ID Innovation

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Why is Business Model Innovation Important? MITI
D Innovation
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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. 
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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
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• 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 -

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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 the
establishment of more and more companies,
therefore, increasing the competition. To thrive
in the competition and maintain its stronghold in
the market, every company regularly updates its
business model, adopts new processes.
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Higher Returns
Another one of the perks of Business Model
Innovation generates higher returns for the
organization. Business Model innovations are 5-8
more profitable than any other product or process
innovation. In these cases, the Total shareholder
Return percentage exceeds that of the
competition. Therefore, stressing the importance
of constant digital transformation and business
innovation to outgrow in the market.
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The Success of Technological and Product
Innovations
Business Model Innovation is strongly
inter-related with other types of innovation,
namely technological and product innovation. Once
you have a superior business model, you could
easily make your latest product or technology
successful in the market.
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Changing Customer Demands
Everyone is evolving day by day, causing a large
possibility of potential disruption. The customer
demands and expectations are continuously
changed, leading to fluctuating sales and the
customer base.  To meet the demands of customers
and follow the latest market standards, the
incorporation of digital transformation is a
must-have option.
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Higher Performance
Innovations in technology, product, and business
design have to lead to increased efficiency of
the employees. It has also promoted faster
manufacturing and made the production
processes far less hectic or time-consuming.
Every kind of digital transformation and business
innovation enhances the overall performance and
productivity of an organization.
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Talent Attraction
These days people are more socially and
culturally aware of society and nature. They tend
to work in a sustainable environment that offers
the right amenities and value for their talent.
Everyone wants to work in a socially responsible
company with higher rates of employee
satisfaction and recognition.
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Therefore, business model innovation paves a
robust way towards success for any company. As
they keep on upgrading regularly, they tend to
stay strong in the competition. A proper business
model innovation plan generates higher production
output, higher returns, the company's market
success, and much more.
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To understand these essentials of innovation, you
need a mentor who can introduce you to the
unknown dimensions of the business world. So, if
you are looking for such an institution then, MIT
ID is one of the best institutes that will help
you imbibe these essentials of innovation in your
business ethics to enamel the entrepreneur in
you. 
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Conclusion
MIT ID Innovation Programme curates knowledge and
experiences that challenge the very paradigm of
evolution. And that's why we have set out to
define the future of industries, communities,
cities and ecosystems. MIT ID Innovation offers
the best Courses in Innovation and Design
Thinking.
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Wed love to hear
from you.

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• innovation_at_mitid.edu.in