INNOVATIVE BUSINESS MODEL

Innovative Business Model

Innovative Business Model

IntroductionInnovative Business Model

The wave in order to get progress in the business is to change and revive the Business Model into innovation. The companies growing innovative will be sustaining in the market. In this technological era, the companies are striving in search of innovative Business model. An innovative model is one which encompasses of the technological advancements along with the new information that the company is using.

The very first step for business in the innovative business model is to identify and clarify the main goals of the business model goals. It is essential for the company as to answer why the company needs the change of information or innovation technology. The key factors for a company to make an innovative business model are to optimize its organizational resources along with the business processes. Here, the vicious business model means lowering of the process cost along with merging of different expert of their domain. The ways that different people behave in the organization enables people to make the work prioritize according to their behavior. Each organization has some objectives which are based on the competition level of the industry and internal strengths. The innovative business model helps the organizations in achieving the objectives as it sets clear aims and objectives for each individual (Kotter, 2007).

DiscussionSteps to Built an Action plan

Step #1: in order to build an innovative business models the first and foremost step is to inculcate the innovation factor in the agenda of the strategic management comprising of the senior leaders of the organization. This is one of the main ways to not only encourage innovation but eventually it will lead to measurement of the innovation easily. Through this way, the company will be able to manage and track the depth of innovation implemented as well as followed in the organization. On the other hand, the top tier will make it as an essential tool in order to identify the people who have the talent for innovation and do not resist innovation.

Step #2: the next major step taken in the business model will encompass of the process implemented in the innovation technique as therefore will bring the talented candidate and the potential of the company forward. The management through can easily keep an eye on all those are not refraining and resisting with the implementation of technology in the firm.

Step #3: the last step taken to make the innovation stream up the organization is keeping a proper ...