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

In today's fast-paced business landscape, staying ahead requires more than just keeping up with the latest trends—it demands innovation. This is particularly true in the realm of BPS, where efficiency, accuracy, and adaptability reign supreme. In our latest special report, we delve into the transformative power of GenAI and its profound implications for the future of BPS.

What's Inside

1. The current state of BPS
2. How GenAI can solve current BPS challenges
3. Quantifying the financial impact of GenAI
4. How GenAI can transform BPS
5. Addressing GenAI implementation challenges
6. How to measure the financial impact of GenAI
7. Current state of GenAI adoption in BPS
8. How GenAI may reshape the BPS industry
9. The future: The GenAI-Enhanced evolution of BPS

In today's fast-paced business landscape, staying ahead requires more than just keeping up with the latest trends—it demands innovation. This is particularly true in the realm of Business Process Services (BPS), where efficiency, accuracy, and adaptability reign supreme. In our latest special report, "Business Process Services in the Era of Generative Artificial Intelligence," we delve into the transformative power of Generative Artificial Intelligence (GenAI) and its profound implications for the future of BPS.

Current state of BPS

We analyze the current state of BPS, highlighting its strengths and limitations. Traditional approaches have undoubtedly improved operational efficiency, but they often fall short in handling complex tasks that require nuanced decision-making and adaptability.

Unlocking solutions with GenAI

Enter Generative AI—a game-changer in the world of BPS. We explore how GenAI offers innovative solutions to longstanding challenges, from streamlining repetitive tasks to enhancing decision-making processes. By harnessing the power of machine learning and natural language processing, GenAI empowers organizations to automate workflows, optimize resource allocation, and drive unprecedented levels of efficiency.

GenAI implementation challenges

Navigate hurdles of GenAI adoption with strategies for data governance, technical integration, and fostering a culture of AI acceptance. Our paper equips readers to overcome obstacles, ensuring successful implementation and maximizing the transformative potential of AI in BPS.

Reshaping BPS

We delve into how GenAI is reshaping BPS as we know it. From revolutionizing customer service with chatbots to automating document processing tasks, the potential applications are limitless. By augmenting human capabilities with AI-driven insights, organizations can elevate their BPS capabilities to new heights, unlocking untapped value and gaining a competitive edge in the process.

Measuring financial impact

But how do we quantify the financial impact of GenAI adoption? We explore this question in detail, outlining key metrics and methodologies for assessing ROI. Whether it is through cost savings, revenue generation, or enhanced customer satisfaction, the benefits of GenAI are tangible and far-reaching.

The future of BPS

Looking ahead, we paint a compelling picture of the future of BPS with GenAI at its core. As organizations embrace AI-driven automation and innovation, we envision a landscape where BPS becomes synonymous with efficiency, agility, and strategic value creation. By leveraging GenAI to its fullest potential, businesses can future-proof their operations and thrive in an era of unprecedented digital transformation.

" Business Process Services in the Era of Generative Artificial Intelligence " offers a comprehensive exploration of the transformative potential of GenAI in the realm of Business Process Services. From addressing current challenges to envisioning future opportunities, this paper serves as a roadmap for organizations looking to harness the power of AI to drive meaningful change and unlock new possibilities. Join us on this journey as we redefine the future of BPS together.

Credits
Author@lab45: Ankit Pandey

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