MARCHASIA BUSINESS OUTLOOK9SMART MANUFACTURING: A GROWTH DRIVER FOR BUSINESS MODEL INNOVATIONIMPRESSIONSIn today's fast-changing and hyper-competitive business environment, the automotive industry, business model (BMI) innovation, and equivalents have emerged as a promising approach for achieving competitive advantage. At the same time, BMI involves a high level of uncertainty and financial risk. Product and process innovation, as well as manufacturing, particularly smart manufacturing, have recently become more open and collaborative in order to reduce costs and risks. The goal of this study is to look into the role of open and collaborative innovation practices in BMI as a foundation for competitive manufacturing ecosystems and to provide a comprehensive review of the available literature in this field.Accelerating change, shortening product life cycles & excess supply, in most markets severe economic pressure is put on today's market players. As a result, firms increasingly use business model differentiation to break out of intense competition, particularly in the face of the (higher) imitability of products and processes. In fact, business models have become the new basis of competition. Since the dot-com boom and the wave of new information and communication technology based business models. However, Business Model Innovation (BMI), on the one hand, has received increasing attention from both academia and practice. BMI requires a change in the three primary dimensions of the business model, i.e., value creation, value proposition & value capture. A firm employing BMI has found a way to create value (for its customers) and capture value (for itself) at the same time. Huang et al. (2013) have defined BMI as the process of repositioning the value
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