Chapter 7: The Review of Business Models: Application of Digital Technologies that Lead to Innovation, Sustainability and Risk Management

The study aims to discover how companies can reduce recognised risks while also preparing for unanticipated risks. This includes leveraging cutting-edge technology and creating distinctive products that improve the company's sustainability and profitability. Businesses incur a higher risk of changing their business model by adopting sustainable and technological features. Medium-sized businesses excel in adaptation, decision-making and change management. A thorough investigation was conducted using a variety of sources, including journals, articles and books. A wide range of findings have been made, and a comparison of different researchers' findings has been discovered. Websites of Europe's financial governmental agencies were used to expand on the findings.

Innovation, sustainability and technology are prevalent at all levels of Western and Eastern European organisations. The study compares the industries based on innovation, sustainability and risk management, highlighting the benefits and drawbacks of each industry and making recommendations to help organisations become more competitive. Firms need to consider information technology (IT) experts to deal with digital technologies with the aim to reduce risk and be more efficient. Such technologies can improve firms' performance and be liked by the society as eco-friendly. As the economy grows, businesses can benefit from sustainable technologies. To comprehend changes in medium-sized firms, Eastern and Western Europe must be examined. This study is significant because it contrasts the two fields of innovation, sustainability and risk management practices. This is accomplished by emphasising the advantages and disadvantages of each industry while providing guiding principles to increase competitiveness of both industries.