Startups and SMEs account for a majority stake in the world economy. Every single minute a new startup is born. While enterprises that are financially stable are able to produce sustainable products and invest more often, smaller companies often rely on bootstrapping or angel funding.
One of the primary success factors for any organization is its business model. In our previous two whitepapers in the Digital Transformation series, we have outlined various business cases of how brands are changing their operations to be more Agile and how they are improving customer experience to increase engagement. In this whitepaper we will showcase some of the real-life examples of digital business models and 4 ways brands are changing business models to remain competitive in the global markets and outperform the pace of digitization.
There are only few differences that set apart unique business models. Companies that are able digitize and disrupt business models are able to figure what these companies are really good at. They are able to leverage resources effectively and allocate funds in capabilities that are differentiating.
Few key things to consider include
- Design a clear business model with answers around where to play and how to win in the new model
- Prioritize strategic capabilities by building and assessing existing inventory
- Build lightweight modules of the new business models which can be easily replicated by aligning people, processes and technology
- Define the path to scalability
- Digitize operations and customer experience to transform radically
How are brands transforming their business models in four different ways?
- Building platforms
- Mahindra’s Smartshift Case Study
- General Electric Case study
- Diversifying business and going omnichannel
- Disney Case Study
- Walmart Case Study
- Penetrating internationally with new products / services
- Alibaba Case Study
- Injecting innovation
- Apple Innovation Case Study
- Ubiquiti Innovation Case Study
- LEGO’s transformation Success Story