## 2 Conceptual Background  
### Business Model and Business Model Innovation  
BMs emphasize a system-level, holistic approach to explaining how firms \"do business\". Firm activities play a significant role in various proposed conceptualizations of BMs. One approach involves describing the BM in detail using nine elements, including, among others, the value proposition, customer segments, key activities, and revenue streams [23]. Another approach distinguishes a BM by describing the target customer, the value proposition to meet the customer's needs, the value architecture to deliver value to the customer, and the value capture to describe the cost structure and revenue streams [24]. However, as opinions converge over time, researchers now have a common understanding regarding how to describe a BM [25]. A BM comprises four dimensions: Value proposition, value delivery, value creation, and value capture. These dimensions explain how a company operates, creates customer value, and ensures financial success [26; 27]. The value proposition is intended to deliver value to customers through products, services, and the job-to-be-done, designed to address their core needs [12; 28]. Value delivery ensures efficiency, personalized channels, and robust customer service and supports target customer segments, channels, and relationships. Value creation aims to maximize customer perceived value by addressing needs and minimizing risks through technologies, resources and capabilities, processes, key activities, partners, and ecosystems. The fourth dimension, value capture, optimizes revenues and minimizes costs through well-defined revenue models and cost structures [29]. Innovation is introducing something new and creating value for stakeholders [30], typically by addressing a recognized problem. BMI involves devising and implementing a new BM to generate value for the target customers and the company. According to [PERSON] and [PERSON] [31], BMI can manifest in various ways, such as by adding new key activities or linking activities in novel ways, by changing one or more parties that perform the activities or by altering any of the BM dimensions [23; 24; 32; 33; 34]. The rise of new technologies (e.g., digitalization, cloud computing, big data, and IoT) has led to disruptive innovations and many opportunities for BMI [35]. The BMI process is commonly divided into the phases of initiation, ideation, integration, and implementation [36] but sometimes extended to six iterative and incremental phases [34; 37]. When incumbents are concerned, BMI is called BM reconfiguration [38]. BM reconfiguration entails structurally changing the BM's dimensions or architecture [39] and involves establishing a new business logic and new methods for revenue generation [40; 41]. Adopting a new architectural design necessary for utilizing new technologies enables value proposition, value delivery, value creation, and value capture [42]. One core dimension of a BM is the value proposition, which describes an exchange between a supplier and a buyer. However, the value proposed does not necessarily need to be tied to a physical product; it can also be a data-driven service. Data and analytics are essential in business operations, decision-making, and development [43]. Data can be a source of competitive advantage and a driver for successful BMs [44]. DDBMs propose value by applying data, delivering and creating data-driven value for the customers, and capturing data-driven value for the company [44; 45]. DDBMs, enabled by digital technologies, utilize data as a key resource and data processing as a key activity, especially for collecting and aggregating data, and perform business analytics to deliver, create, and capture value [46]. AI-driven BMs are a subset of DDBMs leveraging AI technologies that learn and improve their performance without humans having to explicitly program them, contributing to AI-driven value propositions, key resources, key processes, and revenue models [47].