Visual tools for business model innovation: Recommendations from a cognitive perspective

TLDR

Business model innovation poses cognitive challenges for managers, and while cognition research offers insights into visual tools, it does not provide guidance on effective design for business model tools. The study applies a cognition‑centered perspective to analyze visual business model representations in order to advance understanding of their design. The authors conduct a systematic literature review of 45 academic and 50 non‑academic visual representations, classify them into a novel framework, and then use cognition literature to derive recommendations for selecting graphic forms across BMI phases. Content analysis classified all visual representations into three complementary categories, forming a novel framework that enhances understanding of how visual tools support business model innovation at a cognitive level.

Abstract

Managers involved in business model innovation (BMI) encounter a series of cognitive challenges. Although cognition research provides important insights into how visual tools can reduce cognitive challenges, it does not address the effective design of business model tools. To advance our understanding in this area, this research applies a cognition‐centered perspective to analyze different visual business model representations. It builds upon a systematic literature review that identifies a selection of 45 visual representations from the academic literature and a sample of 50 visualizations from outside the academic realm. A content analysis of the sample reveals that all visual business model representations can be classified into three complementary categories, leading to a novel framework for distinguishing business model understandings. After assigning each visual representation to the framework, we use findings from the cognition literature to derive recommendations on how to select suitable graphic forms for different phases of the BMI process. Thus, this research contributes to the broader understanding of how visual tools can support business model innovation at a cognitive level.