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Cass Business School, City University of London has received a £1m grant from the UK Engineering Physical Sciences Research Council (EPSRC) and matching funding from the Mack Centre at Wharton Business School and other sources to research the impact of new technologies on business models.
Whilst empirical work will involve sector studies, work will also engage with executives in established technology companies, the City of London financial community and with UK and EU policy makers to address important strategic issues.
Despite an emerging body of research, we still do not know how business models should be co-evolved as new technologies are developed and how existing business models can be innovated.
Cass Business School has established the BusinessModelZoo to describe four elemental business model pathways:
In previous Articles #14 – The Entrepreneurial CRO: Evaluating your current Business Model; #15 – The Entrepreneurial CRO: Business Model concepts, tools and frameworks; #16 – The Entrepreneurial CRO: Business Model innovation and selection and #17 – The Entrepreneurial CRO: Business Model implementation we defined a Business Model as a ‘configuration’ comprising:
(1) Customer identification (sensing)
(2) Value creation and value capture (monetisation
(3) Linkages and interdependencies that support these
Key to innovating existing business models, is understanding how the above need to be considered early in the technology lifecycle.
There is much discussion within the insurance and investment management sectors as to the incorporation of ’emerging technologies’.
Whilst many firms can sense the potential opportunities to innovate existing business models and create value, there are many others who only see technology as an ‘enabler’ towards greater effectiveness and lower costs.
The Business Zoo website offers a number of interesting ‘Exemplars’ together with a section on Business Model Innovation ~ Deepening, Adding and Hybrids.
Business Model innovation offers one of the most promising opportunities for firms to create and capture value and develop the linkages that support a sustainable competitive advantage.
Reciproco provides knowledge integration across risk, solvency and strategy, including digital transformation, leading complex and unique projects in regulated sectors. Helping senior executives and management teams focus on strategic challenges to create a competitive advantage.
Darren Munday is the founder and Managing Director of Reciproco. An experienced executive with over 20 years’ global experience with multinational companies, including Chief Risk Officer reporting to the Board.
Darren is an Honorary Visiting Fellow of the Digital Leadership Research Centre, Cass Business School where he also holds an Executive MBA. Darren is a Certified Fellow of the Institute of Risk Management (CFIRM) and Chartered Insurance Risk Manager (ACII) of the Chartered Insurance Institute.
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