Business model innovation is not primarily about inventing new technologies but about value delivery. Shaping business propositions with digital and creating customer-centric strategies is key to survival in an increasingly competitive and disruptive market environment. With the boundaries of the well-established industries fading away, anticipating and responding to these changes is crucial – whether the disruption is driven from within or outside the industry.
Like business models, products and services must not be understood as static concepts. Without turning the entire business upside-down overnight, manufacturers need to find innovative ways to create, capture and deliver value – not only within the comfort zone of their existing products but also outside their traditional playing field to compliment, extend or even replace their current portfolio.
The digitalisation of traditional markets, products and services has led to new consumer behaviours. In a connected environment, customers not only demand more flexibility and personalised experiences but also follow a non-traditional rational. However, manufacturers can leverage data, digital tools and emerging technologies to better access and understand their customers as well as their customers’ customers to improve the consumer journey and brand experience.