BDI LW1 Business Model Innovation (1)

Digital Transformation

The complete overhaul of business operations using modern technology like mobile, cloud, social media, and Big Data analytics.

Business Model Innovation

A system of interconnected activities that determines how a company conducts business with customers, partners, and vendors.

Value Proposition

The value a company promises to deliver to its customers, which addresses their needs or problems.

Multi-Sided Platform

A business model that brings together two or more distinct but interdependent groups of customers and creates value through their interactions.

Open Business Models

Business models that rely on collaboration with external partners and can exploit external ideas in addition to internal research.

Lock-In

Business model activity designed to keep customers engaged and transacting within the system.

Innovation Management

The systematic process of managing innovation activities and utilizing innovation to achieve competitive advantage.

Freemium

A business model that offers basic services for free while charging for premium features.

The Long Tail

A business strategy that focuses on selling a large number of unique items in relatively small quantities, rather than selling large volumes of a small number of popular items.

Customer Segments

Groups of people or organizations a business aims to reach and serve with its products or services.

Network Effect

A phenomenon where a product or service gains additional value as more people use it.

Customization

Tailoring products or services to meet the specific needs of individual customers.

Innovative Activity Systems

New ways of linking business activities or changing governance principles within a business model to create value.

Business Model Patterns

Recurring frameworks that describe the way companies create and capture value, such as unbundling, multi-sided platforms, and the long tail.

Disruptive Technology

Innovative technologies that significantly alter the way that industries operate.

Digital Trends

Emerging movements and changes in technology and society that influence how businesses adapt their operations.

Efficiency

Cost savings achieved through interconnected activities within a business model.

Complementarities

The value-added effect that interdependent activities have on enhancing the overall business model.

Risk and Experimentation

The necessity for businesses to take risks and test new models, often without guaranteed outcomes, to innovate successfully.

Artificial Intelligence

The simulation of human intelligence processes by machines, especially computer systems.

Internet of Things (IoT)

A network of physical devices connected to the internet to collect and exchange data.

Blockchain

A distributed digital ledger technology that records transactions across multiple computers securely.

Cloud Computing

The delivery of computing services over the internet, including storage, processing power, and applications.

Augmented Reality (AR)

A technology that superimposes computer-generated images on a user's view of the real world.

Big Data

Extremely large data sets that can be analyzed computationally to reveal patterns, trends, and associations.

Cybersecurity

The practice of protecting systems, networks, and programs from digital attacks.

Digital Twin

A virtual model of a process, product, or system used for simulation and analysis.

5G Technology

The fifth generation of mobile networks that provides faster speeds and more reliable internet connections.

DevOps

A set of practices that combines software development and IT operations to shorten the development lifecycle.