Existing business models and value chains are facing the need to change constantly in today‟s VUCA (volatile, uncertain, complex and ambiguous) environment. And, such changes to be sustainable need to be driven by two components.
First, a Leadership mindset which can intuitively make sense of the change and innovate. Secondly, an organizational competence which can allow fast absorption and use of technology. These two together then become core components of an organizational strategy with the power to transform its intrinsic business model and value chain.
Two-sided platform model of business in Information Technology space epitomized by companies like Google, Facebook and other Platform Mediated businesses has radically changed the traditional merchant model of doing business.
Physical forms of assets, goods and transactions have been replaced by their digital counterparts. Digital has become the dominant channel for transactional communication.
Social, Mobile, Analytics, Cloud and Internet of Things (SMACI) are transforming the way business is done today. Social Media provides an effective and easy twoway communication platform between brands and customers. Mobile has enabled companies to reach their audiences anytime anywhere and addressing their needs at the specific “micro-moment” when and at the specific location where the customer requires a product or service.
Data driven decision making along with predictive and prescriptive Analytics using sophisticated Artificial Intelligence and Deep Learning are giving a whole new way of running business and taking strategic business decisions. Cloud is making storing and processing digital assets cheaper and faster. Internet of Things ( IoT ) are connecting physical devices to the cloud services and making their control feasible anywhere and anytime. Industry 4.0, the fourth Industrial revolution, bringing together all the aspects of intelligent machines, collaborative technologies and networked processes, is already with us.
Are you as an individual and organisation ready for this massive tsunami like change which is upon us?