Business models for economic resilience
Ongoing digital transformation in many industries continues to drive innovation in the face of global impacts like the COVID-19 pandemic. In response, business leaders in all industries and especially in the increasingly tech-dependent healthcare industry, are leveraging new approaches to business models.
Some potential ingredients for the newest “secret sauces” of economic resilience are the subject of a recent open-access article in the Journal of Innovation and Entrepreneurship. In “Disruptive business value models in the digital era” by Navitha Singh Sewpersadh, a number of illustrations and citation-rich descriptions depict various business models, including the evolved People, Process, Technology and Governance framework, the innovation readiness continuum, and the responsive business innovation model.
Key highlights of the paper are the growing use of more sustainable business models, the inclusion of a value creation cycle in business models (specifically referencing the work of Osterwalder and Pigneur in “Business Model Generation”), and an increasing reliance on what the article describes as a “global business service” (GBS) model for B2B services, in addition to structural components like Customer Relationship Management platforms and AI for a variety of business functions.
The article concludes with a list of recommendations offered around the creation of an internal organizational “Centre of Excellence” (COE) focused on innovation leadership, with a helpful list of recommended internal functions and strategic goals.
The ongoing digital transformation in healthcare is driving innovation and pushing business leaders to adopt new approaches to business models. These recommendations provide valuable insights for business leaders seeking to adapt to the changing business landscape and to stay competitive in the digital age.
Building on extensive experience in the fields of journalism, media production, and learning design and development, John Marc Green’s newest adventure is serving as Director of CHIME Innovation. In this role, his ongoing conversations with CHIME Members and Partners provide insights and direction to serve their interests in a variety of ways, including digital healthcare innovation journalism, professional development events and program facilitation, and on-demand educational development through CHIME Innovation.