Innovation: A fad or a much-needed staple?

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 wi…