Every organization needs to regularly evaluate, improve, and innovate their business models. Innovation generally includes three components: (1) creating something new or using something in a novel way, (2) putting the idea into practice, and (3) generating value through the implementation. Business model innovation, on the other hand, entails generating new business models and taking action to implement them in such a way that value is created for the organization, constituents, stakeholders, customers, society, and other interested parties.