In the third video of this 7-part series of digital transformation strategy, Tr3Dent CEO Kevin Mccaffrey will explain why it is important to understand your current business model and how it will evolve.
Hi, Kevin McCaffrey here. One of the key elements of your Digital Transformation journey will be understanding your current business model and how that’s going to evolve. One of the things to think about is that you need to model your existing business model itself. The way we would recommend doing that is using the Osterwalder business model canvas. You can find lots of resources on the internet— just do a search on “business model canvas”.
You’d start off by creating a business model canvas for your current business. There are nine blocks that you need to fill in and get the input from your current stakeholders and the key people within your business. Then, you’re going to look at a second business model canvas which is related to your future business. This incorporates those key elements that you’ve defined as part of your overall Digital Transformation strategy, your visions and your objectives.
Another tip is actually creating a business model canvas for your competitors. This can be a very useful exercise to help identify opportunities even for your own business.
Thanks! In the next video, we’re going to look at and explore the relationship between a business model and your business ecosystem, and how to start modeling your business ecosystem.
Watch the other videos in this bite-sized series to know what to keep in mind when defining your digital transformation strategy.