INNOVATION, A KEY ELEMENT OF BUSINESS MODELS IN THE FOURTH INDUSTRIAL REVOLUTION
INNOVATION, A KEY ELEMENT OF BUSINESS MODELS IN THE FOURTH INDUSTRIAL REVOLUTION

Summary/Abstract: The aim of the paper is to present the relationship between the concepts of innovation and business models in the Fourth Industrial Revolution. In this respect, the authors present the case of a German company, Deutsche Bahn (DB). Innovation constitutes a core factor that will secure our society's prosperity in the future, as it creates real and sustainable value. A key element in the successful path to Industry 4.0 is the expansion of new technologies or processes towards the development of innovative business models. The continuous worldwide changes, the shift from physical to digital or from closed-sources to open-sources and the new ways of doing business (networks) lead to the development of companies by creating and implementing business models in which innovation is constantly required. In order to reach the aim of the paper the authors used a quantitative research method and a case study. The findings of the research showed that innovation represents a key element in developing new business models that lead to better performances in any company that aims to be part of the Fourth Industrial Revolution.

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