Innovation: A fad or a much-needed staple?
This is National Productivity Month, but flowers of innovation should bloom the whole year
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
THE history of Singapore's economy can be traced to the middleman and trading business, such as distributors, agents and sub-manufacturers. But these days, the middleman's role is marginalised, as the consumer can easily source for sellers online. This, coupled with intense competition, has led many companies to relook fundamental issues, such as their business model, that can improve productivity. Companies seeking to revamp their business models need to be innovative to stand out from the competition.
Business model innovation
Business Model Innovation (BMI) is coming up with new ways to capture, develop and deliver value by modifying or upgrading an existing business model in order to meet customer demands. BMI aims to increase business performance by widening its reach, establishing new relationships with potential business partners, introducing a new service, product or technology or opening up a totally new market.
Copyright SPH Media. All rights reserved.
TRENDING NOW
‘We’ve seen the worst-case scenario’: How Indonesia’s Cinema XXI navigated crisis and change
Higher costs, lower returns: Why are Singaporeans still betting on real estate?
S-E Asia tourism takes hit from Middle East crisis, but intra-regional travel could spell hope
Auditors flag uncertainty on Katrina Group’s ability to continue as a going concern
