We live in a digital economy: a virtual environment that has changed the rules of doing business and made disruption the norm. It has put customers, not companies, in charge. And it has transformed workforce dynamics as the “born digital” millennials come to prominence in the workplace.
Most established companies understand their business model form inside out. They have continuously fine tuned their established business model to stay aligned with the changes in their environment. But, they have not questioned their type of business model. Innovation competition has shifted from technological and process innovation to business model innovation. Start-ups, niche players and small and medium size businesses have the means to challenge the established players with relatively limited investment.
Transforming to a new business model is often easier said than done. It means changing the very DNA that has made a firm successful over time. It means changing the very vision and mission of the organisation. We help established organisations through the process of radical transformation. We work with the board and the executive leadership to develop their vision, mission and value proposition for the digital age. We give them a helping hand to develop their strategy to attain their new vision. The expertise of the incumbents is hard to replicate and they often control access to the decisive resources like data and knowledge. We help them leverage these unique assets in their new business model and achieve that fine balance between the digital and physical world.
In contrast, the challengers have the disruptive idea and technology to challenge the incumbents, but they often lack the deep expertise of the product and markets as well as the expertise and governance to scale up their business and manage operational and reputational risks. We provide that mentoring and coaching to the new players and develop their corporate governance and scaling up capability to grow effectively with manageable risks.