Taipei, April 11 (CNA) Business model innovation is the most important factor in determining the success and revenue of modern enterprises, according to responses from 765 Chief Executive Officers (CEO) in a worldwide survey released Tuesday.
Conducted by International Business Machines Corporation (IBM ) , the biennial survey "The Global CEO Study" found that 28 percent of CEOs will focus on business model innovation, relatively lower than 42 percent who said they would focus on products/services/markets innovation and another 30 percent that would stress operational innovation.
However, after a more in-depth study of the responses from 200 companies, IBM concluded that business model innovation was the key factor in helping usher in more revenue for enterprises.
"The result tells us that emerging companies are those that can master business model innovations," said Paul Liu, Associate Partner of IBM Taiwan Corporation.
Among CEOs who regard business model innovation as the priority, 66 percent said they would implement organizational reform while 53 percent said they will seek to establish a strategic partnership.
Collaborative innovation is also indispensable for businesses, the survey found; meanwhile, it takes the full devotion and planning of upper-level management for innovation to be successful.
Eighty percent of CEOs believed it was important to integrate technology and business. Sixty-five percent of respondents said they would pay attention to and spend more energy on innovation in the next three years to embrace the trend of globalization.
The survey was based on responses of 765 CEOs from 200 companies representing 20 different sectors across three continents -- Europe, Asia and the Americas.
Eighty-six respondents were from the Greater China region, including 11 from Taiwan. The survey was first conducted in 2004.