Monday, July 1, 2019

The Monthly “Unpuzzling Innovation” Book Tuning: Business Model Innovation July 2019

The business model design is one of the critical types of innovation that enable business growth and compete for the future.

Digital is the age of innovation. And innovation is what leads to differentiation. There are many ways to differentiate and, therefore, there are many ways to pursue innovation. Digital Master refers to those high-performing, highly innovative and high-mature (less than 15%) digital organizations; at the individual level, Digital Masters are those cross-generational digital professionals who are equipped with the advanced digital minds and build a unique set of digital capabilities. Talking about innovation is not new nowadays, everybody, every organization now is talking about innovation. It's been at or near the top of the business or economics agenda for a long time. However, there are a lot of confusions about innovation and there is no magic sauce to guarantee its success. Innovation is not serendipity, but a discipline.


               Business Model Innovation

Take Diverse Paths to Business Model Innovation A business model is a description of the way in which an enterprise intends to make the profit. It’s an entire frame of elements that describe the intents and constraints of a business or organization. Tuning business model is all about foreseeing and applying the emerging trends, that’s where you win the competitive advantage. As a business leader, when you begin to develop a business model, you also have to be very clear about your organizational strength and how to explore different paths and take the alternative value creation approach.

Corporate Entrepreneurship & Business Model Innovation Many established large organizations are struggling with innovations, due to the lack of the culture of innovation or the internal business capability & capacity to support it. Especially for business model innovation, it runs up against a "not now, later" obstacle. As a business leader, you know you may be vulnerable and should do something, but you also know that, by definition, such innovation will be disruptive to the current business. So what are the strategies and methodologies to advocate business model innovation? Can corporate entrepreneurship be seen as a business model innovation?

The Starting Point to Design Business Model The business model design is one of the critical types of innovation that enable business growth and compete for the future. However, most of such effort fails to achieve the expected result. The good start is halfway to succeed, what’s the starting point to design business model?

How to Leverage IT for Recharging Business Model A business model is a way that a company generates revenues and profits. It’s a multi-level, zoom-able schema of how a business or an organization creates, delivers, and captures value for stakeholders, employees, customers, investors or society. When do you use a Business Model? Regularly you use it to review, adapt or redesign the basic building blocks of a business. With rapid changes, a business model is structural and can be both created and changed very quickly. The emerging digital trends bring significant opportunities for businesses to pursue growth through the methodical examination of alternative ways to solve business problems; the abundance of information and the lightweight digital technologies also play the crucial role in recharging business models and renovate traditional organization to reach the next stage of the business development cycle. What are the multitude of influence IT can make to catalyze the business growth, how to leverage IT for recharging business model and accelerate digital paradigm shift?

Three Aims of Breakthrough Innovation There are both incremental innovation and breakthrough innovation. Breakthrough innovation is disruptive, with high return and high risks. There are many areas within a company where the innovation process can be applied to create value, from product innovation to service innovation, from process innovation to business model innovation, etc. The innovation context goes beyond the traditional scope and extends to the full spectrum including both hard disruptions and soft touches. Innovation breakthroughs that really hit the spot are often the radical new approach that makes a leap of the business to the next level of the growth cycle and achieves the high return on investment. Here are three aims of breakthrough innovation.

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