The experts agree. In a recent article by Geoff Colvin, senior editor at large for Fortune Magazine, entitled “Your Business Model is Obsolete,” he makes this assertion: Everything you think you know about staying competitive doesn’t work anymore. The most crucial competency for every business today is the innovation of their business model. The new fundamental question, the greater challenge, is in the question “How can we make money?” This question is proving even more significant than the product or service innovation conversation that has dominated the business arena for several years. Colvin warns that even if your business model is working right now it won’t be for long.
He states “several forces are combining to shred business models economy wide.” He cites information technology and its effect on every information based business, as a key factor. The scope and power of information technology allows most businesses to change and adapt easier and faster. It also multiplies the speed and power of other trends, such as the rise of emerging markets, the growing economic role of governments, and changing consumer tastes.
Business Management Expert, Peter Drucker noted that “sloughing off yesterday” is almost impossibly difficult, yet every organization must get used to doing it regularly. The largest obstacles will be weak imaginations, threatened interests, and culture. Business-model innovation is the new essential competency. It will separate tomorrow’s winners from the losers.
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