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Organizational mindset in reshaping and rethinking a more innovative business model

Organizations face several challenges and opportunities as a result of digitalization.

Emerging Technology affects every sphere of life, creating a volatile, uncertain, complex, and

ambiguous economy (Tyson and Zysman,2023). Organizational leaders need to have the right

mindset when reshaping and rethinking a more innovative business model. Considering that the

world is constantly changing; organizations must be adaptable to redesign a more creative

business strategy (Holbeche,2023).Organizational leaders need to be receptive to change and

develop proactive strategies, considering sustainability ideas in the business model, reinventing

the value proposition, delivery/creation, and capturing systems to maximize societal and

environmental benefits rather than just financial profit (Vetrivel and Tie, 2022).

The organization must identify the changes in the business ecosystem and evaluate its

existing business model to identify opportunities to reshape the model to respond to technology

or competitive threats or pursue new opportunities without resisting or denying chances of

change (Franco et al., 2023). Developing a robust change management plan, leadership support,

and effective communication are important catalysts to redesigning a more innovative business

model.

Encouraging open innovation and knowledge sharing with employees and critical

stakeholders enable organizations improve their strengths, combine skills, enhance creativity,

and create diverse innovative business models to create value, remain competitive and profitable

(Camilleri et al., 2023). Creativity is essential for designing innovative business models (Saleh,

and Brem, 2023); hence, managers and supervisors need to encourage innovation and creativity

and utilize the competences across the team to redesign the business model.