Business Model Transformation
Business Model Transformation (BMT) projects utilize a structured methodology to articulate business goals and values into a new and improved business model. This is often done by first understanding market gap analysis, an ideation session followed by a prototype and test before identifying the new business model roadmap. Using tools such as Business Model Innovation or Design Thinking consultants can create a structured approach to translate current business practices to serve a new market segment.
Typical Activities
A business model transformation project typically comprises of the following process:
- Conduct market gap analysis to benchmark your business’ current performance and identify opportunities
- Generate ideas to leverage market trends and opportunities
- Identify and validate those ideas through the creation of new business model, products and/or services
- Development of prototypes to test concepts
- Development a roadmap to implement those ideas and tap on potential growth areas
- Activities that helps promote innovation within your company
Non-supportable Activities
- Mass production of prototypes and website coding
- One time feasibility study without supporting activities
- Operational purchases not related to the project