Future business models insights
As a leader and when you want to keep your business up on the market, it’s important to look at reliable sources to identify future trends, validate their markets and capabilities, and check what are your competitors doing on that level. According to “Gartner CIO & IT Executive Summit” the most important trends needed for successful future business models and digital transformation represented in the following list:
- Digital Leadership
- Business Intelligence
- Innovation & Data Analytics
- Artificial intelligence and machine learning
- Digital Business Design
- Business Model Change
- Application strategies
- Diversity & Inclusion
- Digital Ethics
- Cloud and infrastructure strategy
- Work – People & Culture
- Digital Business Transformation
- Cybersecurity
- Privacy and Risk
- Strategic Planning and Execution
- Moving from Projects to Products
- Emerging and disruptive technologies
- Smarter Spending
- Enterprise Architecture
- Industrie 4.0, Blockchain and ERP
Therefore, only companies that have strategies, and have plans to execute them, are on a cutting edge, while others have no chance to succeed. Old strategies have focused much more on growth, strengthening competitive advantage, launching attractive marketing campaigns, and offering slight changes in their products and services. Nowadays, markets and business models are and will stay in a transformational phase. The reason simply is one enabler: Technology.
Therefore, old strategies are not enough anymore, but it is necessary to strongly consider the “Future business models insights” mentioned above, as they are becoming critical for successful future business models.
Even strong companies are struggling
Although it is hard to consider all the drivers mentioned above for successful future business models, nonetheless newborn companies and startups are being digitally born. As well, their business model is at its core a future-oriented one. However, large companies are struggling to adapt. Simply because applying changes on existing people, processes, cultures and old technology is more challenging than being future-oriented from the start. Therefore, large companies are threatened by the Small and medium-sized enterprises (SMEs) which are quicker and flexible to adapt their business model and make it future-oriented.
Future-oriented business models
Because Future is a buzzword, it ‘s important to reconsider the meaning of Future Business Models. On that regards, future business models must consider technology at their core in order to succeed. The reason is that technology is enabling inventions and innovations that are being applied to drive radical changes in products, services, and future markets. These changes can only be successful by planing the future and apply a strategy to execute the plans through successful digital leaders who understand the technology and the benefits behind it.
Start with the people & culture, reshape your business model, establish a strategy to support the transformation, execute your strategy, keep continously measuring and adjusting it (Lean, Agile, and Adaptive). Adam M. Skafi
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