Sustainable Business Models in the Fourth Industrial Revolution

Authors:

Pages: 204-209

Abstract:

Recent events have significantly influenced the evolving nature of the opportunities and adaptability that the business sector must employ in order to continue pursuing profitable business strategies. These constructs have facilitated a more appropriate strategic approach, and many businesses have begun to innovate and repurpose their resources, enabling them to remain solvent, even during the recent pandemic in the world. This article aims to present the concept of sustainable business models in the context of the Fourth Industrial Revolution. It also helps to build a better understanding of how this type of business models has evolved under the current industrial revolution and how it has managed to adapt to the changing market conditions. As a result of the established review of the literature, a synthesis of the most prevalent features and the principle implies would be inferred, leaving room for any additional analysis in future research in which each component proffered in this article can be elaborated on. The findings indicate that business models are a broad subject that can be approached in numerous ways. While the scientific community as a whole has not agreed on a single definition, certain universally accepted characteristics are critical in defining this concept. The results of this research can be also used to gain a better understanding of the state of today’s business models and the critical role their adaptability and sustainability play in this turbulent business environment.

Keywords:

Business model, Fourth Industrial Revolution, Sustainability, Innovation,Value Creation.

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