Business model innovation in South African companies under the changing post-COVID-19 world of work
Date
2021
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
University of the Witwatersrand, Johannesburg
Abstract
Businesses that have survived pandemics and other major global disruptions have demonstrated the importance of continually re-evaluating their business models. Implementing business model innovation has been shown to significantly enhance a business's chances of surviving major global disruptions. This study aims to determine how the application of business model innovation, particularly in South African enterprises, has enabled these businesses to survive and remain
profitable in a changing work environment, especially during the COVID-19 pandemic. In this context, business model innovation refers to the creative introduction of new ways of the business providing value to their customers through the products they sell or services they provide. A qualitative study with ten (10) respondents from South African enterprises was conducted to test the proposition that businesses who apply business model innovation in pandemics, such as
the COVID-19 pandemic, will survive and become even more profitable. The study was conducted in several enterprises from different industries, using interviews and questionnaires. The study aims to provide a possible framework to be used by businesses during pandemics and to provide a basis for further research on the subject.
The study's key findings show that there are both internal and external factors that influence the implementation of an innovative business model. COVID-19 was rated highly as an influence that is top of mind, affecting how firms conducted their businesses today. The study also revealed that customers and stakeholders are key to developing an innovative business model. The limitations of the study relate to the number of respondents and their location. This was a direct effect of the
qualitative nature of the study and the physical and other restrictions due to COVID-19; thus, the results may not be widely representative or fully replicable. Nevertheless, overall, the study indicates that business model innovation could give businesses the competitive advantage and the differentiation needed to succeed during times of uncertainty.
Description
A Research report presented in partial fulfillment for the degree of Master of Business Administration to the Faculty of Commerce, Law, and Management, University of the Witwatersrand, Johannesburg 2021
Keywords
Business Model Innovation, Business Model, Business Model Canvas, COVID-19, Machine Learning, Pandemic, UCTD
Citation
Hlabathi, Katekani . (2021). usiness model innovation in South African companies under the changing post-COVID-19 world of work [Master’s dissertation, University of the Witwatersrand, Johannesburg]. WireDSpace.https://hdl.handle.net/10539/41549