Once, we paid for a cinema ticket; now we pay for a monthly subscription to a streaming service. Once, we bought a car; now we hail a ride and pay for a one-off journey. They call it the ‘new normal’ – but in truth, the evolution will never cease. Adapting to large-scale shifts is a constant part of business, and life, today.
What shifts will take place in your industry? With the right technologies and digital insights, you can not only uncover the trends of the future, you can act on them – adopting a flexible, future-proofed business model that puts you ahead of change.
Businesses are moving their emphasis away from a traditional product-driven model towards one driven by customer demands. Today, customers value more than just product and price: they expect personalization, service, convenience, and sustainable credentials. The purpose of service-oriented, software and data-driven business models is to deliver all this: not selling merely a product, but an entire relationship based around solving customer needs. We are entering the age of customer-centricity, enabled by modernized IT systems using cloud computing and AI-powered analytics to their advantage.
Business model transformation is not a cause for worry – it is an opportunity when implemented efficiently and with the right partners. By moving to a digital ecosystem, businesses can discover new models and growth opportunities, without endangering their core processes. Digital tools can automate repetitive tasks and free key staff to focus on innovation, while providing insights of their own by delving into the data. By embracing transformation, even long-established businesses can act like a start-up: launching new services, expanding their offering and preparing for the future.