Sunday, September 13, 2020

The Monthly “IT Innovation” Book Tuning: Business Model Innovation via Trending Emerging Technology Sep. 2020

 A business model is a way that a company generates revenues and profits.

Within abundant information and emergent digital technologies, IT is a key component of a holistic business mindset to re-imagine “what is possible” - unleashing business potentials and improving business efficiency, effectiveness, agility, and maturity. 

The “art of possible” to reinvent IT in the digital age is to deliver the value of information in helping businesses grow, delight customers, and do more with innovation.

Business Model Innovation via Trending Emerging Technology

Develop Breakthrough Business Models by Trending Emerging Technology When we jump into the digital future of “VUCA” new normal –volatility, uncertainty, complexity, and ambiguity, organizational leaders should be able to envision and determine what the future needs to look like, what the transformation must look like? Can information technology help to design new business models? Is the business model scaling the right way to achieve the strategic objectives? And how to take the wise steps for evolving the emerging digital information technology to develop breakthrough business models and innovation?

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 renovating 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 models, and accelerate digital paradigm shift?

CIOs as “Chief Innovation Officer”: Three Aims of Breakthrough Innovation There are both incremental innovation and breakthrough innovation. Breakthrough innovation is disruptive, with high returns 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.

CIOs as “Chief Intrapreneur Officer”: Practicing Entrepreneurship in IT Contemporary CIOs have multiple personas, "Chief Innovation Officer," and “Chief Intrapreneur Officers,” are the most pertinent titles for CIOs to fit the digital leadership role in running IT as a business. Companies are recognizing that IT is roughly coupled to the business strategy as an innovation engine. With the increasing pace of changes, CIOs generally have greater opportunities to stand out and practice digital leadership in driving innovation across their companies. Being entrepreneurial is first the mindset, then an attitude and skills are the easier part to be developed. More and more forward-looking IT organizations are practicing entrepreneurship and running IT as a software startup to play the niche and make continuous deliveries.

Master IT to Lead Digital Transformation Today, the emerging technological trends and overwhelming growth of information make a significant impact on how we think, live, and work; disrupt not only the business boundary but also the industrial boundary and geographical boundary. IT matters more not only because it’s pervasive but also because it continues to advance and its nature of the "constructive disruption.” To run a high-performance business for the long term, companies must learn how to master information technology, make proactive preparation for dealing with continuous digital disruptions, and adapting to the digital new normal with high velocity and fierce competition.

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