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You need to use the right tools for the job. Strategy conversations are made productive through the Business Model Canvas (BMC). Learn how. View the Business Model Canvas by clicking the link: https://www.strategyzer.com/library/the-business-model-canvas
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What is 2m2x - 2 Minutes 2 Transformation?
2m2x is a series of 2-minute videos on topics that will help you transform your business. Join us weekly to discuss Digital Transformation!!
To accelerate your digital transformation/innovation journey, visit us at informulate.com
Welcome back to another episode of 2m2x . In this episode, we take a bit of a deeper dive on business modeling and why it's needed. The problem is that enterprises often have multiple products and service lines, sometimes with separate revenue streams and financials. Traditional tools such as strategic planning and business plans can be quite cumbersome in this environment and it's easy to get lost in the details. This is where tools like business model canvas or BMC come in.
Rajiv Menon:On a single page, you can get a quick glance at a particular product or service offering. Without this tool, it's really hard, maybe impossible, to have a productive conversation in a group setting about strategy. This is what a business model canvas looks like. You can fill out one of these in about an hour with sticky notes, and it's best done as a team activity. Click the link below to download this tool.
Rajiv Menon:As you can see, there are 9 main areas broken into 4 zones. The right side is all about the customer and consists of relationships, segments, and channels. The left side is about delivery and covers partners, activities, and resources. The bottom section is financials and has cost structure and revenue, and the middle has the value proposition. If you're workshopping using this tool, focus on one particular product or service offering and map out the business model for that.
Rajiv Menon:Innovation and transformation is about delivering a new value proposition or delivering an existing value proposition in an entirely new way or to a new customer segment. If done well, these workshops will bring together your business leaders, your tech leaders, external advisors, and subject matter experts, and get them to align on the high level and generate ideas that go into your transformation backlog. This way, business needs come together with tech capabilities that then accelerate your digital transformation journey. But don't take our word for it. Try it out and let us know what you think.
Rajiv Menon:Next week, we talked to Renuka Sastry, an experienced leader with triple a and XSL, specifically around digital customer experiences. Until then, stay safe and keep your transformation going.