Change is natural, and in the business world, it happens constantly. Different factors impact and change the structure of the industry and that of the markets. That is why companies must be alert and adjust their business models when necessary.
Nowadays there seems to be a lot of confusion regarding business processes since the term is widely used and heard, but many are not well aware of what it is. In this article, we provide all the necessary information about what business processes are and why your company needs them.
People's ability to innovate never ceases to amaze us as many companies develop excellent and sophisticated products. However, companies often lose their competitive advantage, why? Think of companies that dominated their industries and today struggle to maintain themselves. Some cases such as Nokia, Kodak, American Airlines, Motorola, among others, fell asleep in the commodity of success and ultimately failed because they did not adjust their business models to the changing environment.
Today, the competitive success of a company depends on its ability to create innovative business models. Analyze the following success stories from innovation in your business model instead of an individual product:
Change is natural and in the business world, happens constantly. Different factors impact and change the structure of the industry and markets, generating pressure for companies to be vigilant and change the focus of their business when necessary. The size of the changes that companies must make to maintain or improve their position does not matter, however, these must be planned and executed carefully. The thing is, how do you know that the company is ready to evolve?
Below we share 12 clear signals that indicate that it is time to change your business model.
In 2008, Alex Osterwalder developed a tool to facilitate the analysis, mapping, and visualization of a company's business model. The “Business Model Canvas” is a summary (about the size of a page) of the strategic details that a company needs to generate, deliver, and capture value. The tool is divided into nine blocks that allow you to keep the focus on the most important strategic elements of your business.
The internet allows companies to access a worldwide customer base, which means that companies face unprecedented competition. Even niche businesses meet competitors from other parts of the world. CWhile this may bring some obstacles, companies can take advantage of the opportunities offered by globalization and place themselves in a position of competitive advantage. The value chain analysis helps companies implement, in a coordinated manner, all their actions to achieve either a differentiation strategy or a low-cost strategy.
Performing the value chain analysis will allow you to stand out from your competition, generate value, and strengthen your position as a leader in your industry.
What's the first thing that comes to mind when you hear the word processes? We all have a basic notion about what processes are since we run different processes daily. In business, we must go one step further and think about process improvement; that is, how to perform them more efficiently to increase productivity.
However, to improve the processes and have a direct impact on the results of our business, we must identify and differentiate the critical processes of the business from the support processes. While this may seem like an easy task, analyzing the context and determining the best way to approach said analysis requires expertise. Organizations must be proactive in identifying, evaluating, improving, and controlling the processes that contribute to competitive advantage.