Practically since time immemorial, companies have set as their main goal market expansion and offering increasingly attractive products to appeal to as many consumers as possible. However, these goals are not always achieved due to market disruptions or stagnant growth. The most common response of companies in this situation is to bet on innovation. Properly implemented innovations are considered those that significantly change the way value is created, captured and exchanged. Value per se is not only related to finance, as its term also applies to human capital, intellectual value, customer access, various types of data and many others. To effectively capture value, it is not enough for companies to make innovative changes only in terms of products. Focusing on the evolution of business models is also necessary. The manufacturing sector is extremely competitive. Companies continue to outdo each other in creating new ecosystems through which new ways of delivering value to the consumer can be created and at the same time achieve greater profits. Businesses that are not engaged in developing their business models are actually going backwards and lagging behind the competition.

Companies that are leaders in the manufacturing industry realize the need to innovate. They also know that these innovations should take into account a somewhat broader scope than just introducing new products. The problem is that they relatively rarely consider business model innovation. Unfortunately, among manufacturing companies, there is still a hard-wired belief that it is most beneficial to make changes in terms of technology and digital innovation. In comparison, the technology sector, which focuses most of its attention precisely on business model innovation, can count on the support of investors and continues to enjoy numerous successes. Such a dismissive approach may carry serious consequences in the future, as competing companies in other sectors that recognize the potential for business model innovation may strengthen their position. This risk is very real because, as a rule, companies that are aware of key market trends also have knowledge of consumer expectations and values. Introducing innovation in business models is therefore not something additional that can be introduced optionally, but rather a requirement that must be met in order to count in the market.

Innovating in business models calls into question the competencies a company has at its disposal. It is essential to carefully and honestly analyze its strengths as well as its weaknesses. Creating an efficient ecosystem requires a detailed definition of how it should function to expand a company's capabilities, stabilize its position in the market and, above all, create and deliver value. This does not mean, however, that failure is inevitable - simply join the ecosystem that already exists. This is also an advantageous solution although it will always be the "owner" of an ecosystem that benefits the most by having control.

Until now, companies in the manufacturing industry have mainly competed with each other. Today, this situation is slowly changing as companies outside the industry are increasingly becoming a threat. Leaders who wish to maintain their position in the market must therefore focus on finding opportunities through which they can create value over time. Manufacturing companies must first objectively assess whether their offerings meet any standards of fit with the value created for consumers. Chances are, the company is not using all of its potential and is capable of creating entirely new value. A proven recipe for success is to carefully introduce a subscription-based or service-based model in place of a product-based model. This is a relatively new type of business model however, it responds perfectly to new market needs.

The first step in innovating a business model should be to focus on how to attract, identify and understand brand consumers. Leaders in the manufacturing industry are slowly moving away from focusing only on direct customers and expanding their circle of interest to include other links in their value chains. By looking at all participants in the chain, it is possible to analyze which group is actually responsible for generating the most value and how they do so. Once this information is obtained, companies can move on to formulating a strategy for further action geared toward newly selected target groups. Companies need to be open to gaining new knowledge about their customers and prepared for the fact that this information may entail the need to make some changes. However, it is clear that progress in value creation cannot succeed without having full knowledge of customer expectations and needs.

Acquiring information about a company's consumers is much easier if advanced tools are used during the process. Specially adapted for this purpose, modern technology allows us to acquire data in a very short time, analyze it and propose possible paths of action. Manufacturers receive analyzed consumer behavior and ready ideas on what new business models are worth introducing and how the company's offer can be refreshed. However, the full potential of innovative tools will not be adequately exploited if companies are not open to making changes. It may be necessary to introduce a completely different way of fundamental functioning, which not all businesses are ready for. Effective use of the information gained can successfully strengthen a company's position in the market and provide a significant competitive advantage.