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Some good answers are posted here already. I really have nothing to add.
Dear Mr.Raafat
Innovation is being different.To be simple here is what it means:
Process Innovation:
It means the implementation of new or significantly improved brand strategy ,production and delivery method.
Business Model Innovation:
It means creation of new products or services within the confines of the pre-existing business
To develop a particular segment pathways is a process innovation where as to get busy in developing the whole business pathways is business model innovation
Process Innovation:
It means the implementation of new or significantly improved brand strategy ,production and delivery method
Business model innovation does not necessarily imply changes in the product or even in the production process, but in the way as it is brought to the market. Whereas both product and process innovation can be incremental and moderate, business model innovation is almost radical, risky and transformative.
there arre two difference between "process innovation" and " connections puzzle business model innovation"
Process Innovation: Process innovation refers to the development and implementation of new or improved processes, methods, or techniques within an organization to enhance efficiency, productivity, quality, or cost-effectiveness. It focuses on improving how tasks are performed or how resources are utilized. Process innovation aims to streamline operations, eliminate bottlenecks, reduce waste, and enhance overall organizational performance. Examples of process innovation include adopting new technologies, automating tasks, redesigning workflows, or implementing lean manufacturing practices.
Business Model Innovation: Business model innovation involves rethinking and redesigning the fundamental approach a company uses to create, deliver, and capture value. It goes beyond mere operational improvements and explores new ways of structuring the entire business to gain a competitive advantage or create new market opportunities. Business model innovation encompasses changes in the value proposition, target customer segments, revenue streams, cost structure, distribution channels, or partnerships. It often involves finding innovative ways to create and capture value that may disrupt existing industry norms. Examples of business model innovation include the shift from selling products to offering subscription-based services, the introduction of a sharing economy model, or the adoption of a freemium pricing strategy.
