The four key elements of a Business model are i.customer value proposition, ii. profit formula, iii. utilization of key resources and iv. implementation of key processes. The integration of all the four key elements can be formed as one of the frameworks for Business model innovation. However, companies need to look beyond the horizon to formulate different frameworks in the world of uncertainty. In the process of looking beyond the horizon, companies can identify and conquer White Spaces and Blue Oceans by utilizing different frameworks.
The Internet of Things is going to change everything about interaction among different objects and networks. The Internet of things is about interconnectivity of networks and objects. The network of smart devices and objects communicates seamlessly over the Internet. This interconnectivity leads to an interconnected fabric of networked systems.
In a millennial generation of globalization world, the competition is surging which stimulates marketers to look for various techniques to appeal to the consumer and make their product irresistible. For last two decades, marketers are trying to appeal to the customer through sensory Marketing. Research shows that we are entering the era where marketers should take the help of the senses to effectively appeal to customers.
The role of strategists in a company should be increasingly transforming in the constant world of disruption and hyper-competition. Strategists need to constantly change unique selling propositions of their companies to ensure that growth of their companies is in tandem with delighting the customers. Customer delight is about acquiring raving fans instead of just satisfied customers.
ICO or Initial coin offering is a novel method of raising capital for a venture through cryptocurrency by issuing of tokens. Though in existence from 2013, it became popular in 2017 by the success of the Ethereum ICO that successfully established Ethereum as a potential alternative to Bitcoin.
Divergence of ideas and convergence of several different kinds of knowledge lead to a quantum leap of progress. Companies often conduct brainstorming sessions to encourage a free flow of ideas. However, brainstorming sessions may lead to a psychological phenomenon called groupthink, in which, conformity is given more importance. As a result, ideas are susceptible to emulation. Therefore, there is a need to identify ways for employees to delve into creative imagination to generate ideas that are not easy to emulate. Ideas that are not easy to emulate provide an opportunity for a company to occupy a formidable strategic position. After occupying a formidable strategic position, a firm is all set to experience a quantum leap, in which, there is significant development or growth.
According to Moore’s law, the number of transistors that can be embedded on a single chip doubles every two years. The world of innovation and entrepreneurship needs to work in tandem with Moore’s law. This world should also experience constant paradigm shifts for the advancement of civilization. One of the innovative strategies employed by Entrepreneurs is to deliver what is “value” to customers. However, Entrepreneurs need to think about providing offerings beyond value before value-driven strategies become a norm. Therefore, there is a need for Entrepreneurs to establish Vantage points to provide offerings beyond value. Vantage points could be a way of thinking, a strategic position, an idea or numerous other variables that enable Entrepreneurs to perceive the world with lucidity and without any distortion.
Are you waiting for Artificial Intelligence to mature so that you can sprint your way to leadership in AI as ‘Fast Followers’?
This is a strategy adopted by many Information Technology users.
This may not be a good approach when it comes to AI.
AI requires much more customization than most IT applications. If your AI application is very generic, it may add little value to your business. It could be reduced to some basic automation system.
India has 42 cities with a population of a million plus, 46 cities with a population of half a million to 1 million and 88 cities with a population between a quarter and a half a million. At the turn of the century these numbers were less than half of now.
The urban population is going to expand to 38% up from 31% in 2010.
The six states of Tamil Nadu, Gujarat, Maharashtra, Kerala, Punjab, Goa and two union territories of Delhi and Chandigarh will have 55% urban population by 2025.