Innovating business models revolutionize industry competition and value creation.
The article discusses how adjusting a business model is crucial for a company to stay competitive in the market. By using a method called analytical descriptive, the researchers show that a business model helps managers understand and communicate complex business concepts effectively. They explain the different parts of a business model and stress the importance of updating it to gain an edge over competitors. This means that changing how a company creates value can lead to setting new standards in the industry.