But just how does a CEO change a business model? By modifying organizational structure and engaging strategic partners, say respondents. Study findings also include the following:
- 76% of CEOs surveyed believe that collaboration with partners and customers will be the leading source of business model innovation.
- Organizations that target their business model, rather than products or operations, for innovation increase operating margins by 5% more than their competitors do.
- Though nearly 80% of respondents say the integration of business and technology is of "great importance," only 40% say they have achieved such integration.
- Respondents who report significant business and technology integration also cite revenue increases three times as often as those reporting less business and technology integration.
"CEOs that had implemented more extensive business and technology integration reported greater customer satisfaction, speed and flexibility than their less-integrated peers," the report says.