Why Is a Business Model Innovation Strategy Imperative for Every Company in the Digital Age?

 

The COVID-19 pandemic prompted companies in every sector of the global economy — large and small, public and private, for-profit and social — to reinvent and reimagine themselves to be able to survive and prosper. Executive leaders around the world are taking a hard look at how to do business in the post-COVID-19 era. They are reconceptualizing the design and implementation of their new customer-centric business models, which may span firm and industry boundaries, leverage a broad range of digital technologies, and facilitate the creation of value for all stakeholders. These developments will spur business model innovations and heighten the need for corporate leaders to develop a business model innovation strategy.

On October 14, 2021, Wharton management professor Raffi Amit joined PWCC’s Book Talk Series to share insights from Business Model Innovation Strategy: Transformational Concepts and Tools for Entrepreneurial Leaders. The talk centered on the development and implementation of a Business Model Innovation (BMI) strategy. The BMI strategy refers to the choices made by leaders with respect to: (i) the design of a new system of activities; (ii) the processes, including their antecedents, by which the new activity system is created and implemented; and (iii) the management and ongoing adaptation of the new activity system to ensure coherence (i.e., internal, external and strategic fit) with the objective of sustaining and improving the focal company’s competitive advantage.

​​Watch the full event recording above.