Wednesday, November 4, 2020

Innovate Business Models via Various Approaches

There are different approaches and various tools could be taken to innovate business models & accelerate business growth cycle.

The fundamental purpose of an organization is to produce value for its customers. Every corporate venture comes with a business model, a business model is a description of the way in which an enterprise intends to generate value to its shareholders and make profit. It is an entire frame of critical elements that describe the intends and constraints of an organization. 

At a conceptual level, a business model includes all aspects of a company’s approach to develop a profitable offering and deliver it to its target customers. There are different approaches and various tools could be taken to innovate business models & accelerate business growth cycle.

Innovating the business model based on the technological vision and on the mega-trends: The available digital technology just makes innovation easier to do now than in the past, less costly and more easily accessible. With emerging technology trends and abundant information, companies are recognizing that Information can provide the very clue and emerging technology trends could become the “magic” behind business models innovation, and it is roughly coupled to the business strategy. Information technology changes so fast, trending emerging technology is a critical skill for modern digital leaders so that they can see things further, be aware of the new technology before they can learn how to apply it to the business effectively.

In practice, digital leaders can lead boldly and brilliantly and reimagine the mission and business models of tomorrow if Information Management is managed effectively, to refine quality information into business insight, predict where the future will be for the business model design, and cultivate business model innovation as a living thing. IT understands deeply the value chain of business, value chain of the industry segment, and value chain of the business ecosystem where it competes. Business model reinvention needs to base on business’s core capabilities, either through providing new value-added service or product to current customers or exploring the new customer need. IT can thread all critical elements into a set of business competency, clarify related business structures and constraints qualitatively and quantitatively, for fine-tuning viable business models and creating new forms of value deliveries and capturing from its existing forms.

Leverage design thinking to develop potential business models & pursue for growth opportunities:
Contemporary businesses are dynamic and informative, the business context reflects both complexity and chaos, each of these contexts requires intelligence into effective business innovation. Organizational leaders and business model designers need to leverage design thinking and creativity, ask open-ended questions, methodologically review a list of levers for business model components, and systematically generate the list of potential business model options, and then, make good choices based on their own business core competencies in order to maximize the business value from long term perspective.

Business model innovation is a type of design and a creative activity. It’s important to create a space for open dialogue and design brainstorming, developing a common understanding of business model innovation effort, creating the necessity and motivation for it, as well as getting the management buy-in. When the organization experiments with the new business model or develops the new business entity that creates the revenue stream, the challenging part is that you must be careful of constraints or resources limitations, figure out what cost/restructuring/performance measures need to be considered while trying to model a particular business growth scenario, and implement the best ones based on the business core competencies, performance/cost ratio and maximize the business value it could bring up.

The Business Architecture can make a significant impact on business model evolution: Business models should be simple, intuitive, and tell the story. They need to identify customers, tell them how they are going to charge him, and identify what value they provide. At the detailed level, they need to emphasize analytic information or it requires that there would be any formal analysis. A business architecture contains the organizational context and is strategic in that it gives direction to the business model design and innovation, looks for leverage within the ecosystems, industries, and domain knowledge that defines the business interactions and interrelationships, reference and intelligence, etc, and focus on the use of verifiable data about the capabilities of both the enterprise itself and influencers in the ecosystem in which the enterprise operates.

To design a viable business model, Business Architecture as a useful tool helps to identify gaps, assumptions, risks, etc, shape the prioritization of the business opportunities, level set scope, and approach. It’s also an important tool to develop compelling business cases describing the business model design initiative’s benefits and costs flow, how touch an initiative builds business processes that differentiate the organization from its major competitors; or how the initiative situates the organization within a growing and highly profitable product market niche.

To innovate business models effectively, visionary business leaders are in demand to predict future trends, leverage design thinking, be clear about your organizational strength and how to explore different paths and take the alternative value creation approach. Business model development or reinvention needs to be based on the core business competency of the organization for either providing value-added products/services/solutions to current customers or exploring the new customer need continually.


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