Benefits Of Innovative Business Models And Strategic - final
Success in this new era of accelerated disruption requires a holistic approach to technology. In the current era of disruption, recently accelerated by the pandemic, firms must be in command of cutting-edge technologies; otherwise, they face potentially mortal danger. That is why I counsel corporate leaders to imagine how an agile, digital start-up could completely destroy their business, and to formulate defensive strategies to pre-empt such an attack. My co-authors Ian C. Woodward, V. Too often, leaders only pay attention to the technological changes at the core of their business and ignore those seemingly on the periphery. Yet far-flung innovations can be more impactful than proximate ones. Benefits Of Innovative Business Models And Strategic.
Benefits Of Innovative Business Models And Strategic Video
SpaceX Business Model - Disrupting the Space IndustryIn the current era of disruption, recently accelerated by the pandemic, firms must be in command of cutting-edge technologies; otherwise, they face potentially mortal danger.
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That is why I counsel corporate leaders to imagine how an agile, digital start-up could completely destroy their business, and to formulate defensive strategies to pre-empt such an attack. My co-authors Ian C. Woodward, V.
Too often, leaders only pay attention to the technological changes at the core of their business and ignore those seemingly on the periphery. Yet far-flung innovations can be more impactful than proximate ones.
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For example, the introduction of the smartphone was not initially seen as a game-changer for the taxi industry. But by making ride-hailing apps like Uber, Grab and Gojek possible, Android and iOS devices helped trigger the turmoil that industry is now enduring. And even as these apps were disrupting Busineas taxi industry, automakers were mistakenly ignoring them as a potential threat to their business. To avoid being blindsided, leaders must proactively scan the landscape of emerging technologies and strategically leverage innovation to transform how their company does business.
In other words, they must shift their mindset from product-focused innovation to process-focused innovation or, as it is better known, business model innovation BMI. Very often, innovative business models are not new. Keep in mind that Uber invented exactly none of the essential elements of its business model, whether strategic gig-economy approaches to mobilising freelancers on an ad hoc basis existed Inovative Uber, e.
However, Uber was the first to bring these elements together in the precise configuration necessary to square the circle of supply and demand in the taxi industry.
A conventional taxi company that has to purchase and maintain its own fleet and pay drivers an hourly rate could never be as flexible. The power of technology and BMI lies in the ability to handle uncertainty better so as to create and capture value.
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When leaders plan their own attempts at BMI, they should keep Uber in mind. Again, the goal is not to reinvent the wheel, but rather to leverage technology in devising new methods of handling uncertainty to benefit the business. The uncertainty Bneefits the corresponding risk in question could be your own, or that of your clients in the case of B2B firms.]
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