Think your enterprise can be a leader without a well-thought business? A business model is necessary for you, as an enterprise leader, to scale your ideas, products, and services and sustain them. Here's your roadmap.

Explore a sneak peek of the full content

What’s inside

1. Which are the business models of the future?
2. What is significance of business models?
3. What are types of business models that can be referred to?
4.  How to develop a business model?
5. What are successful business models of last decade?

Which are the business models of the future?

Innovative technologies and novel approaches to conventional business practices are expected to drive business models in the future. Platform-based business models powered by AI, cloud computing, and blockchain are predicted to improve efficiency, streamline operations, and create new revenue streams. Immersive technologies and eco-friendly practices in the experience and creator economy enhance user engagement and provide new monetization opportunities. The machine and API economy leverage AI and automation to reduce operational costs and ensure ethical and responsible use. Platform ecosystems are also expected to support innovation and be built around data platforms used by organizations, customers, vendors, and other stakeholders. Download Complete Research

What is significance of business models?

To stay ahead in today’s market, enterprises must navigate market dynamics, consumer behavior, and technological advancements. A comprehensive business model is critical to their performance, optimizing operations and generating additional revenue sources. It should identify the target audience, market segment, and describe products or services while developing strategies for marketing and sales, assessing costs, risks, and profitability. Platform-based models powered by AI, cloud computing, and blockchain will streamline operations and create new revenue streams. Innovative technologies and eco-friendly practices will enhance user engagement, providing new monetization opportunities while leveraging AI and automation to reduce costs.

In today’s fierce competition, your business model is the compass that guides you to success – set it right, and you’ll sail towards your goals.

What are types of business models that can be referred to?

Several business models have emerged based on specific business needs, including e-commerce, subscription, freemium, marketplace, franchise, and direct sales. Each model has unique features and advantages and may overlap with other business model features. Choosing a suitable model can help an enterprise to succeed in a competitive market. Based on research by Wipro Lab45, business models can be categorized based on various parameters such as distribution, licensing, target audience, and technology. We have classified them into six broad categories, as listed below. Most enterprises today follow one or a combination of these models based on their strategic priorities, customer preferences, market demand, and profitability. The categories mentioned are not exclusive but are the most popular. Download Complete Research

How to develop a business model?

Business model strategy refers to the design and development of the business model to create, deliver, and capture value for its customers, while achieving its overall enterprise goals and objectives. Enterprise can create a business model plan that considers all its main business model components, aligns with its aims and objectives, and changes with the market over time by following the eight phases stated below, with interactive and incremental models.

What are successful business models of last decade?

Enterprises that have thrived in the last decade have embraced novel methods to create value and gain a competitive edge. One such method is the ecosystem business model built on a digital platform. Successful ecosystem business models are founded on mutual benefit, co-creation, and collaboration. By focusing on these elements, companies can build a healthy ecosystem that delivers unique value propositions and promotes sustainable growth. Amazon and Airbnb are good examples of prosperous business ecosystems that have used these success criteria. By leveraging technology and data, successful firms have improved efficiency, created new revenue sources, and maintained a competitive edge… Download Complete Research

Credits
Author@lab45: Hussain S Nayak, Poonam Pawar

Do we fully understand what it means to be an AI-enabled enterprise? If a company does give primacy to Artificial Intelligence, what does that company look like? What does it take to be such an enterprise? How does it behave? What does its growth path look like and where is it headed? Who will it take along for the ride, and crucially, who will it leave behind? We unpack it for you here.

What's inside

1. Transitioning to an AI-enabled businesses
2. What if we humans stopped designing processes for humans to execute? Would we design processes differently if we had the limitless computing power of an algorithm to execute it?
3. What becomes of humans in an AI enabled enterprise
4. How comfortable are you with the Idea of a AI-Coworker
5. The Algo-xperience

Transitioning to AI-enabled businesses

Companies today will begin their journey by becoming the AI-First Virtual Enterprise, evolving into the Autonomous Enterprise and finally into the Agent-enabled Enterprise

AI is now asserting its place as the cornerstone of the modern enterprise: an engine that brings alive a grand human vision by driving innovation, crafting strategy, and powering execution across every business function. To make this happen we are likely to see gigantic leaps in the way innovations scale up to become disruptions.

This point of view evaluates these disruptions, and distills the insights you need to embrace this oncoming change. Download Complete Research

What if we humans stopped designing processes for humans to execute? Would we design processes differently if we had the limitless computing power of an algorithm to execute it?

Today’s AI executes tasks designed for humans, better than what humans can do. What if, we start designing tasks to be executed by AI.

What becomes of humans in an AI enabled enterprise

We will see a proliferation of new roles that human beings will be required to play in an AI-Enterprise as it evolves. From AI psychologists who understand AI behavior, AI ethicists who guide the ethical aspects of AI behavior, to even AI trainers who train AI in much the same way as we train human apprentices today.

How comfortable are you with the idea of a AI-coworker

On a scale of 1 to 5, how comfortable are you with having an AI co-worker, or even an AI boss? As AI develops personhood, we will need to grapple with these questions as the culture of organizations evolve within the AI-enabled enterprise. This point of view explores this evolution.

Algo-xperience

If humans are hired today based on the quality of their 'work experience', how will AI algorithms be hired in the not too distant future? Enter the 'Algo-xperience' - a quantifiable measure by which you can evaluate one AI agent over another. A tangible metric of their past accomplishments, personality, biases and acquired knowledge. This point of view explores how Algo-xperience will play a role in the AI-enabled enterprise. Download Complete Research

Credits
Author@lab45: Nagendra Singh
Contributing Author: Jishnu Dasgupta

Platform ecosystems are defined as open or closed networks where an orchestrator mediates relationships between a diverse set of complementary stakeholders. Orchestrators receive benefit from both accrued value in the platform ecosystem and in barriers to entry that ecosystems create for potential competitors. Platform ecosystems are also defined by a collaborative strategy that aims to create value for all stakeholders, including customers, partners, suppliers, and competitors.

What's inside

1. How are ecosystem business models helping enterprises?
2. How do enterprises mastering ecosystems drive transformational growth?
3. How to build ecosystem in eight steps
4. Transformative trends redefined

How are ecosystem business models helping enterprises

Ecosystem business models offer diverse benefits, as described in part one. A brief summary can be found below:

• Agility and adaptability: Ecosystems can adapt swiftly to shifting market circumstances due to effective collaboration across a broad set of partners.
• Access to innovation and technology: Diverse set of collaborators enables access to new ideas, technology, and innovation.
• Improved customer experience: Seamless integration of services and goods provides ease in creating value and results in better customer experience and satisfaction.
• Cost reduction and operational efficiency: Shared resources, distribution networks, and economies of scale reduce redundancies, create cost savings and optimize operations.
• Market expansion: Leveraging the reach of a given ecosystem, businesses can increase their total market reach and gain access to new clients.
• Additional income streams: Ecosystems offer the potential for additional income streams through cross-selling and value-added services. Download Complete Research

How do enterprises mastering ecosystems drive transformational growth?

For enterprises seeking to adopt an ecosystem model, the key factors of success are listed below:

How to build an ecosystem in eight steps

The following are the identified eight steps to develop an ecosystem business model:

Transformative trends redefined

The key trends in ecosystems business models being adopted by enterprises at present are as follows:

1. Collaboration among competitors: More businesses are collaborating with their rivals to expand their ecosystems.
   Example: Apple and IBM collaborate to create business apps, and General Motors and Lyft collaborate to create autonomous ride-sharing services.
2. The emergence of consortium-based platform-based ecosystems: Many firms are shifting towards platform-based ecosystems to interact and collaborate with their partners and clients.
   Example: AWS offers a platform for enterprises to host their apps and data.
3. Increased focus on customer experience: A smooth, intuitive, and appealing customer experience across all touchpoints is a growing area of enterprise focus.
   Example: Apple has created an ecosystem that integrates its devices, software, and services seamlessly.
4. Adoption of AI and autonomous systems: Automation and AI are used more frequently in business ecosystems to boost efficiency and streamline procedures.
   Example: Siemens leverages AI to instantly improve the operation of its gas turbines within its broader ecosystem.
5. Rise of open innovation: More enterprises are embracing open innovation to collaborate with external customers, suppliers, and startups.
   Example: GE's Ecomagination program, which collaborates with entrepreneurs to hasten clean energy technology development.
6. Emphasis on sustainability and social impact: Businesses are incorporating sustainability and social impact into their ecosystem strategy as ESG becomes more prevalent across enterprises.
   Example: Unilever has a Sustainable Living Plan that aims to improve stakeholder health and well-being and minimize the company’s carbon footprint. Download Complete Research

Credits
Author@lab45: Poonam Pawar
Contributing Author: Hussain S Nayak