Introduction to Business Model Strategy with Stimler Advantage
Stimler Advantage guides organizations to develop agile and resilient business models as part of its work areas and services. The Stimler Advantage 5 S’s Framework informs its business model strategy work.
Challenges Organizations Face
In today's business world, organizations face volatile, uncertain, complex, and ambiguous (VUCA) challenges that make it difficult to thrive in our dynamic times. These challenges include:
Agile and Resilient Business Model Considerations
Organizations need to build agile and resilient business models to thrive in this challenging environment. An agile business model is one that is able to adapt quickly to change and respond to new opportunities and threats. A resilient business model is one that is able to withstand shocks and disruptions. An agile and resilient business model can support a business's dynamic sustainability efforts. Dynamic sustainability for business is the ability of a business to adapt to and thrive in changing economic, environmental, and social conditions.
Here are some considerations for agile and resilient business models:
Businesses should focus on providing digital-first products and services that are readily available, contextual, and convenient. This means having a considerate online presence and using the relevant digital channels to engage with customers. Digital-first solutions can have a greater capacity to reach and satisfy customers consistently, effectively, and with measurable results. Digital assets and content libraries empower a business to deliver value to customers through intellectual property made into modular content and deployed on digital channels. Businesses need to work continuously on their digital transformation to be prepared to serve their customers.
Businesses should create content that can be easily reused and repurposed across different channels. This will help them to save time and resources, and it will also make their content scalable as needed and adaptable. For example, content locked through agreements, licensing, or formats is often content, effort, and resources not optimally utilized or, at worst, wasted. Businesses should prioritize the development of content with a long tail of relevance for customers, depending on when or where they may come into contact with it. Well-stocked content and delivery platforms can lead a business to become a platform of possibility.
Digital Platform Building
Businesses should invest in building digital platforms that can be used to create, manage, and deliver content and services. Building digital platforms helps businesses improve efficiency and agility. Platforms enable businesses to scale sustainably in consideration and relation to other materials used, production processes utilized, energy used, or waste generated. Digital platforms enable businesses to enhance consistency, measure engagement, and iteratively and steadily improve content. With modular content developed with digital-first assets, platforms can continue to serve customers in different locations when physical locations may not be available due to public health and safety matters or natural disasters. Digital platforms are more adaptable and customizable to customer expectations and preferences, such as interactivity.
Interactive Customer Experience
Businesses should meet customers where they are by using digital-first assets, modular content, and digital platforms to engage them. Businesses can inspire customers to interact with them through user interfaces that bring customers to content expeditiously. Gaming devices, kiosks, mobile handsets, and heads-up displays guide and make possible the experiences that facilitate our daily personal and transactional lives. Businesses utilizing interactive technologies offer customers an experience with agency, choice, and active participation in their customer journey. As businesses build digital platforms full of modular content, they can simultaneously develop interactive customer experiences that attract and retain customers informed by user testing, metrics, and surveys. Developing interactive and immersive experience capabilities is increasingly important to engage customers with artificial intelligence and the metaverse. Digital and interactive customer experiences can be incorporated into a business approach to lean sustainability.
Businesses should strategically and tactically consider how to integrate sustainable practices. Digital solutions can be part of lean sustainability approaches. Planning and prioritizing research, development, and innovation on a focused budget are important as well. Content format, storage, and delivery methods can also impact sustainability goals. A lean sustainability approach also means running your business as leanly as possible to provide the goods and services you need but without unsustainable growth or endless pursuit of expansion that can be easily disrupted by volatile, uncertain, complex, and ambiguous threats. Lean sustainability considerations are closely aligned with dynamic sustainability. Agile and resilient business models are interconnected with sustainability.
Empowering Your Business Model To Lead
An agile and resilient business model is essential for any organization that wants to thrive and be dynamically sustainable. Empowering one’s business model requires constant refinement. Your business model can empower your organization to lead and be an inspiration for customers and stakeholders alike by examining the above considerations along with applying the following principles:
Always Be Learning
Businesses should be open to learning new ideas and methods. They should constantly seek ways to improve and invest in certifications, training, and skills development. It is also important to focus on developing a culture of agility, resilience, and sustainability. Businesses should cultivate critical and smart feedback from customers and employees and be willing to experiment with new ideas and approaches. By cultivating critical and smart feedback, businesses can gain valuable insights that can help them improve their products and services, better serve their customers, and create a more successful organization.
Businesses need a dynamic strategy that can keep up with the pace of polycrisis threats and constant change. Multiyear strategic plans are no longer viable. By building a business model that embraces digital-first, modular content, digital platform building, interactive customer experience, and lean sustainability, businesses can become more agile and resilient to thrive. Digital metrics, dashboards, intranets, and project management tools can help businesses set a course and navigate course corrections as needed.
Empower your organization to lead by developing an agile, resilient, and dynamically sustainable business model. "