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Business model innovation means more than a brilliant insight coming at the right place and the right time. To confer a reliable competitive advantage, BMI must be systematically cultivated, sufficiently supported, and explicitly managed. In this paper, the authors will argue that BMI is highly relevant in the current business environment, describe some of the circumstances in which BMI has proved valuable, identify common pitfalls, and discuss how companies can develop a competitive capability in BMI.
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