Business Model Transformation
Business Model Transformation Sparks Business Growth!
Are you a business leader? Then it would be best if you adopt a new playbook for transforming your antiquated business model. Change is inevitable, and awareness is the most exceptional agent to make that change happen. Business model transformation requires business leaders like you to rethink and reform how organizations are creating value and will create value.
It is terrible if you do not reinvent your business model from now, but what is even worse is that you did not know that the business model was even a thing that requires transformation!
As hard as it can be to realize, Business Model Transformation is a missing skill in today’s rapidly evolving world. It’s not just us; many specialists acknowledge that people are clueless about business model creation and its transformation.
Why Brands Choose NexGen For Business Model Transformation
The profit formula creates a perfect interplay between maximum value for customers and the company to entail profit. The business model transformation highlights the revenue model, cost structure, margin model, and resources in this profit formula. We design a system to create value and make profits, which can be funded in the future of business.
We take your consumers in due consideration, be it individuals and segments that are existing or potential buyers of the product or service. Customer value proposition: The customer value proposition implies your company’s promise for the value of your products and services. It scales on accounting for a specific problem and how you solve it for a customer segment. In contrast with existing solutions, we ensure that your solution is much better and is offered at a reasonable price.
Essential Resources & Key Processes
We describe how to improve capabilities or resources in detail as a part of your business model. How to synergize operational and managerial procedures of most critical assets, like people, products, and brands is explored. These combine to deliver increased perceived value to consumers and describe how companies can reduce costs, and how that affects consumers.
In management, business transformation is a strategy that involves making fundamental changes in how business is conducted in order to help cope with shifts in a market environment.
“Business Transformation is the process of fundamentally changing the systems, processes, people and technology across a whole business or business unit, to achieve measurable improvements in efficiency, effectiveness and stakeholder satisfaction.
As such, a business transformation program is likely to include any number of change management projects, each focused on an individual process, system, technology, team or department.”
The outcomes the business will derive from this strategy will be to align new capabilities with new opportunities to reduce costs, improve customer satisfaction, and increase profits or market share.
Every business is unique and business transformation seeks to introduce fundamental changes in how the business operates and copes with shifts in the market environment.
Areas that could be investigated include:
- Analyse the Business Environment and Envision the Future
- Identify the Strategic Options
- Evaluate and Select key Strategies
- Develop the outline business and financial case
See our STRATEGIC DEVELOPMENT webpage for more tools and techniques.
Business transformation is not just important, it is vital for any organization to succeed in today’s competitive environment of constant change.
Disruptions in technology, market needs and wants, the product cost/service delivery model, and world economic trends force businesses to either reinvent themselves to succeed or die away.
Many businesses have successfully implemented business transformation and reinvented themselves, thus satisfying their clients and increasing value for their shareholders by staying ahead of the competition.
For examples of businesses that have not transformed to follow market trends, see our blog “Why Transform Business”
Outcomes from a business transformation programme that Improve the internal health and longevity of the business are those that improve market share and or reduce costs.
Outcomes from a business transformation programme that improve the external future market position are those that improve customer satisfaction or enable the business to enter new markets.
See our paper How to TRANSFORM a Business
Here we offer an extract from a paper by Ron Ashkenas, taken from the Harvard Business Review, “We Still Don’t Know the Difference Between Change and Transformation”. “Change management” means implementing finite initiatives, which may or may not cut across the organization. The focus is on executing a well-defined shift in the way things work.
“Transformation” is another animal altogether. Unlike change management, it doesn’t focus on a few discrete, well-defined shifts, but rather on a portfolio of initiatives, which are interdependent or intersecting.
More importantly, the overall goal of transformation is not just to execute a defined change but to reinvent the organization and discover a new or revised business model based on a vision for the future. It’s much more unpredictable, iterative, and experimental. It entails much higher risk.