What is the impact of innovation on traditional business models? 🔊
The impact of innovation on traditional business models can be profound, often leading to the disruption of established industries. Innovations, such as digital platforms and advanced technologies, enable new ways of delivering products and services, changing consumer behaviors and expectations. As businesses adapt to these changes, they may develop more agile operations, embrace technology integration, or explore alternative revenue streams. While innovation can provide opportunities for growth and efficiency, it can also present challenges and necessitate strategic shifts to remain competitive.
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