These are just a few examples of how companies innovated their business model as a response to the pandemic. Business model innovation, then, describes the process in which an organization modifies and reconstructs its business model due to external factors, such as today’s physical distancing measures, community lockdowns and work-from-home schemes. Third is business configuration innovation, or innovation in the organization’s processes, structure and connections with others to create value. These four cover all the components of the business model canvas, a tool to map the future business model of a company based on innovations in one or more components. To learn more about our Virtual Master Class on Business Model Innovation, you may reach me at my email below.

Source: Manila Times May 27, 2020 16:41 UTC