It’s Not the Technology, It’s the Business Model

Although businesses gravitated toward digital transformation at the start of the pandemic, they now need to dig deep and ask themselves whether digitalization is making a sustainable impact on their business and isn’t just the next tech hype. Many of them dedicated too many resources and too much attention to the technology side of digital transformation projects, and they need to think about changes in products and processes instead.

Envisioning business model change helps to see technology in context and better understand what changes to expect. Benjamin Mueller describes how the business model canvas can facilitate the necessary shift in perspective. It has been around since the late 2000s and consists of nine key elements that businesses typically rely on. Success depends not only on investing in the right technologies, but also on the changes in organizations that ensure those technologies are being used efficiently and effectively.

The business model provides a change in perspective that helps companies stay focused on business priorities and impacts instead of just technological trends. Mapping out the current state of your business model, determining your goals, assessing the necessary changes that need to be made, and making sure your goals have been met are the steps that need to be taken.