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Title:
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CRITICAL SUCCESS FACTORS OF BUSINESS MODEL INNOVATION TO TAKE ADVANTAGE OF DISRUPTIVE TECHNOLOGIES: A STRUCTURED LITERATURE REVIEW |
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Author(s):
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Mikhail David Edwards and Hanlie Smuts |
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ISBN:
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978-989-8704-56-6 |
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Editors:
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Miguel Baptista Nunes, Pedro Isaías and Philip Powell |
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Year:
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2024 |
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Edition:
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Single |
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Keywords:
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Critical Success Factors, Business Model Innovation, Disruptive Technologies |
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Type:
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Full |
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First Page:
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11 |
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Last Page:
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20 |
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Language:
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English |
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Cover:
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Full Contents:
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Paper Abstract:
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Business model innovation (BMI) plays a crucial role in the digital era, enabling enterprises to utilise disruptive technology to generate value and attain a competitive edge. Nevertheless, the expeditious advancement of these technologies poses various obstacles such as uncertain environmental conditions, potential financial risks in the initial stages, reluctance to accept from employees, and the possibility of diverting attention away from essential duties at work. This study aimed to identify the key characteristics that contribute to the success of business model innovation (BMI) in effectively utilising disruptive technologies. This was achieved by a comprehensive analysis of existing literature in a methodical manner. The study's results highlighted the significance of trust, efficiency, and adaptability in many components of BMI. Technologies such as Artificial Intelligence contribute to the improvement of objective alignment and client personalisation, whilst blockchain technology facilitates the establishment of trust and transparency. In the realm of technology, cloud computing serves to augment the accessibility and flexibility of resources. In order to achieve optimal BMI in the current digital age, it is imperative for enterprises to proactively incorporate these technologies into their operations, all the while promoting adaptability and engaging stakeholders. |
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