Business model innovation based on disruptive technologies : a critical success factors categorization

Abstract

Business model innovation (BMI) holds significant importance in today's digital landscape, empowering enterprises to leverage disruptive technology for value creation and competitive advantage. However, the rapid evolution of these technologies presents various challenges, including uncertain market conditions, potential financial risks during the initial phases, employee resistance, and the risk of distraction from core responsibilities. This research aimed to identify the characteristics essential for the successful implementation of BMI through effective utilization of disruptive technologies. This was accomplished through a thorough review of existing literature, organizing critical success factors into the business model canvas framework, and applying a framework for identifying and classifying digital technologies based on demand. The findings underscored the importance of trust, efficiency, and adaptability across various BMI components. Technologies like Artificial Intelligence enhance objective alignment and personalized client experiences, while blockchain technology fosters trust and transparency. Cloud computing, on the other hand, enhances resource accessibility and flexibility. To achieve optimal BMI in today's digital landscape, it is important for organisations to proactively integrate these technologies into their operations, while fostering adaptability and engaging stakeholders.