Companies are looking to restructure their business models in order to stay relevant and show resilience. Of the diverse reasons for this update, one sticks out: real value delivered to the end consumer. A successful business model is one that offers resilience by adapting to changing market conditions and business needs. The agile business model is here to stay, especially in the hyperconnected world.
Business model innovation gained a lot of attention and interest, especially in 2020, with the arrival of the coronavirus pandemic, throwing many businesses out of gear. In the ever-present COVID world, digital transformation has emerged as a priority for many organizations, putting business models up for accelerated innovation. With customer preferences and demographics changing tremendously, companies are forced to move out of the comfort of traditional business models and push the envelope to offer something more valuable to the consumer.
With everything, from cars and watches to phones and homes becoming more digitally intelligent and more connected, new business models will revolve around digital ecosystems that create mutual value for all players. Winning digital ecosystems will be those that find success in collaborating with multiple partners to offer valuable customer experiences.
Sustainable business model disruption will not be centered around one dominant idea or technology, rather it will be driven by orchestrating superior digital ecosystems that offer multifaceted solutions which take value creation to the next level.