Business modelling ensured the systematic setup of a new business or the progressive reformation of a running business. Deep engagements and changing perceptions of the new age customers are today bringing new and innovative models of doing business. Deriving success is the trigger point and sustaining success with a constant view on improvement is the key element towards a long-term relation with the customers.
Today every customer emits data events with advent of digital solutions. Business is designing products and services that constantly and intelligently generate more touch points and stream more data out of the touch points. There is a deeper capability today to correlate these data points and convert them to business insights and then to business models. We are thriving in an age where the AI, ML capabilities will help in simulating the business models to identify the strong zones and the weak zones. This helps in creating the predictions required to ensure the smooth conduct of business.
Digital or virtual world that is fast eclipsing the traditional business model is today very close to the customer. The customer is becoming highly empowered with the faster and competitive decision-making choices. Today we can acquire customers faster and we tend to loose customer also faster. This rapid decision-making capabilities posts the need of hyper personalized business models that can scale to the individual level.
These intense modelling of business today needs inside out digital capabilities which reduces the friction of demand to supply. The path from Knowing your customer to delivering the experience to the customer is a journey involving employee experience also. An engaged workforce ensures the inherent quality of agility and innovation. This is today becoming a very important element of a business model.
As we progress in the transition and transformation journey in many organizations the core factor of empowerment, experience, engagement and exploration (4e’s) will have a great role to play in the modelling framework of new age business model. A clear articulation of how, what, when and where for each of these e’s will help in giving a real sense of the foundational stability of the model of business. The core is to keep focusing on continual improvement and internal optimization across the value chain.