Business model innovation implementation: The efficiency of key elements and barriers to consider

In today's world, everything varies expeditiously. Technology is growing at an unpredictable rate, and internet usage is spreading. Therefore, staying up to date and being sufficient has become more inconvenient than ever, especially in business life. Business Model Innovation (BMI), a relatively new kind of innovation with a growing community of supporters, has been dubbed "the fundamental to successful firms nowadays." Firms in the market are having difficulty replicating the success of companies like Apple, Netflix, and Uber. This is due to the fact that when it comes to the concept of Business Model (BM) and BMI, experts in businesses face a lot of ambiguity. The following is the problem statement being investigated in this study: Professionals lack knowledge of critical barriers and key elements that aid in the process of successful BMI, which is necessary for transforming businesses. The core research topic is formulated based on the problem description. The followings are the central research questions: What are the key elements used for BMI and what are the barriers to BMI? A literature review was conducted to answer this question adequately, essential elements that could facilitate the BMI implementation process were identified, and frequently encountered barriers were found. Interviews were held with companies in different sectors that carry out BMIs. During the interviews, the key elements that companies use while innovating their BM and the barriers they encounter were analysed and these analyses are included in the article as result of semi-structured interviews. Afterward, a dataset containing 66 BMIs was obtained, and this dataset was examined in detail over critical elements. With the data analysis and semi-structured interviews, a s was obtained that can be used to make the BMI implementation process effective. Key elements that can be used in BMI have been identified and exemplified. In addition, the barriers frequently encountered in BMI have been identified with sample applications. According to the sampled cluster, the most used BMI key element was the customer interface, while the most frequently encountered barrier was financial barriers.