Innovation of the finished banknotes business model changes in Indonesian banknotes printing

Abstract

Perum Peruri, as a state-owned banknote printing company, needs to do business model innovation to anticipate change in printing regulation by Bank Indonesia (BI). The finished banknotes business model is the submission of the entire process to provide end-to-end Rupiah. This research analyzes the impact of business model banknotes printing changing into finished banknotes against Perum Peruri. Data were collected through in-depth interviews with experts and distributing questionnaires to 44 respondents working at this company. Business Model Canvas (BMC) and Resources Based View (RBV) were used to identify business models and the internal resources required for the implementation process. Therefore, six elements in BMC were used to conduct changes, and based on the results RBV analysis, four sources of internal resources were found at the Unused Competitive Advantages (UCA) level and two at the Temporary Competitive Advantages (TCA) level. This company must develop source power inner to the level of Sustainable Competitive Advantages (SCA) to mitigate changes. Further research need to be conducted on the ability of the business model to impact changes in the banknotes printing industry.