C-Suite Intelligence 1st December 2020

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Four steps to business model innovation

INSEAD

In the current era of disruption firms must be in command of cutting-edge technologies; otherwise, they face potentially mortal danger. Too often, leaders only pay attention to the technological changes at the core of their business and ignore those seemingly on the periphery. Yet far-flung innovations can be more impactful than proximate ones. This article uses the examples of Dell, Uber and Zara to illustrate four key steps to business model innovation.

  1. Measure risks across the entire value chain. Ask yourself: Are the risks real or artificial? How critical are the various risks? Which risks have the greatest potential for payoff if they were managed differently?
  2. Change risks. Decide how you want to reallocate your risk. Is your best bet changing relationships, resequencing business processes or strategically speeding them up?
  3. Experiment. This is the step many firms skip, to their peril. Only rigorous testing will confirm whether your value-based hypotheses were correct.
  4. After carefully carrying out the first three steps, roll out innovation.

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​​​​FURTHER INSIGHTS



Forecast of the major ERP trends in 2021

Infosys

Enterprise resource planning (ERP) applications have seen a quantum leap in growth and maturity in recent years. ERP platforms and business applications solutions have evolved to support most business functions, from back-end processes like human resources to front-end functions like eCommerce. The key forecasts for 2021 include:

  1. AI explosion: 2021 will see an explosive growth of AI in the ERP and business applications landscape.
  2. Cloud acceleration: The global cloud computing market is poised to grow from $371.4 billion in 2020 to $832.1 billion by 2025. Much of that growth will gain traction in 2021, spurred on by the ripple effect of the pandemic.
  3. Two-tier system: Traditionally, businesses have resorted to the deployment of a single ERP system across their organisation. Two-tier ERP systems will increasingly replace the one-size-fits-all generic model.
  4. Data-on-the-go: In 2021 having your ERP and business applications available on a complimentary mobile application will be the norm.

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Virtual learning helps close the capability gap in the time of COVID-19

McKinsey & Company

While the journey to build capabilities has only gotten harder in the remote-working world of COVID-19, the imperative to create more capable workforces has never been greater.

McKinsey research found that almost 90% of employees thought their virtual learning was equally or more effective than an in-person event – and nearly 80% built collaborative relationships with their colleagues, suggesting that those organisations that invest in high-quality virtual workshops will be more capable and resilient in the long run.

 

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