In a world of rapid change, traditional business models are no longer enough to stay in business and to create value for the consumer. In this month’s briefing we explore how established business models are being disrupted – by new technologies, entrants and ideas of value – and how firms can strive to stay ahead.
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CROSSING INDUSTRY BOUNDARIES – A REALITY CHECK Your competitors are not who you think they are. The industry boundaries that have traditionally divided companies according to what they make, what they do, and how they approach their business, are collapsing. This means that competition is increasingly taking place across industries, not within them. Any organization that focuses its efforts on competing with its direct peers is at increasingly severe risk of being blindsided by a newcomer outside its frame of reference. Check out our curated articles on the subject: |
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THE INFLUENCERS: THE CROWD Within the last decade there has been a mindset change in business. No longer is it seen as advantageous to keep everything in-house, operating in closed systems. The world is moving too fast and becoming too networked for one organization to be able to do everything itself. Today, technology lets companies tap into the wisdom of crowds or the “global brain” through crowdsourcing, open source movements, and open innovation. It is not only used to rethink markets, but also to invent new business models and approaches to work, life, and just about everything else. Check out our curated articles on the subject:
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THE DISRUPTORS Old, well-established industries are looking over their shoulders. Even just a few years back, few saw the taxi industry or the banking industry as ripe for disruption. Today no industry, business or organization is safe from disruption and when the disruptors show up management teams should know that it’s time to act – because these disruptors don’t just challenge traditional companies, they challenge whole sectors of the economy and society to reinvent themselves. Check out our curated articles on the subject: |
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OPENING UP FOR RADICAL REINVENTION More and more companies are accepting cross-industry competition as a way of life, and looking outside the boundaries of their industry and markets to understand potentially revolutionary market changes and the customer needs driving them. These companies go beyond the obvious symptoms of change and build capabilities to shape future markets, allowing them to innovate, learn and experiment continuously with new business models, products, experiences and solutions. Often, this means opening up firm boundaries to embrace partners, build ecosystems and move to open platforms to radically reinvent business models. Check out our curated articles on the subject:
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MOVING BEYOND OWNERSHIP AND TRANSACTIONS In a world where competition is breaking down traditional industry and firm boundaries, where the focus and basis of competition itself – or the playing field – is around customer and consumer needs, the notion of value is shifting. Goods and services are no longer enough – experiences and solutions are required, often personalized and developed with the active participation of the customers themselves. This is a world where ownership is less important than experience, and simple, transactional business models are giving way to longer-term but flexible relationships between businesses and their customers, with co-creation on the rise. Check out our curated articles on the subject:
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CHALLEGING TRADITIONAL THINKING: FROM STRATEGIC INSPIRATION TO ACTION All organizations must adapt to changes in their environment. But it is easier said than done: Change is hard and can be a struggle for the people involved in the process. However, the difficulty in changing a business or organization is often not so much lack of willingness as it is lack of understanding about how to make the changes. The articles below – as many others – explain, explore and offer frameworks and approaches for business and organizations to overcome the challenges of disruptive change in today’s world. How can your organization get better at driving growth and innovation by challenging traditional thinking?
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