Leveraging Technology-Based Innovation for Business Model Innovation

Abstract

In an era marked by swift technological progress, this research delves into the pivotal role of technology-based innovation in propelling business model transformation. As businesses grapple with the need to stay competitive, traditional models are being reevaluated. Through an exhaustive exploration of case studies, theoretical frameworks, and industry trends, this chapter unravels how technology acts as a potent catalyst for reshaping business models. It dissects strategies and approaches embraced by organizations to seamlessly embed technology-driven innovations into their operational frameworks. The study rigorously assesses the potential advantages and hurdles linked with this integration and offers invaluable insights into the impending terrain of business model innovation within the digital sphere. By critically analyzing these elements, the study contributes to a heightened comprehension of how technology dynamically influences business models, charting a path for future progress, adaptability, and success in a rapidly evolving technological landscape.