Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Business

Three considerations when refreshing business models

Three considerations when refreshing business models

Published : , on

By James Stirk, VP & General Manager EMEA at FinancialForce

Well planned and managed business models are key to a company’s success at all stages of growth. However, while it once might have been typical to update business models at key milestones or after major market events, this is no longer the case. Even though many companies find this process to be extremely challenging, it is necessary. Now, the world moves and adapts at an electric pace and, no matter the size of an organisation, expanding or refreshing business models regularly is necessary to maintain operational success and remain competitive.

 Adjust to market conditions

James Stirk

James Stirk

 A key aspect of refreshing business models is understanding and analysing market conditions and adjusting accordingly. This may involvea complete business shake up and the launch of new products to fill a gap in your current offering or rebranding or repositioning a current product. Either way, it is important to evaluate all the options before making a decision, especially in the current landscape where fluid business models are becoming the norm. These adjustments do not have to be drastic, and companies can find success with the smallest of changes. As long as businesses keep an eye on the market and recognise where changes could be made then adjusting will be achievable.

This process of adjusting is made significantly easier if companies harness technology rather than viewing business and technology as separate entities. The tendency for this separation has often inhibited collaboration, processing flexibility and led to project delays.Adjusting perspective and uniting business and technology into a single, cohesive entity will enable companies to stay on top of market conditions and remain competitive.

 Data dive

Adjusting to the market and working out where you need a new product or where an old product can be revamped can be difficult to navigate. However, if you use your existing data to its full potential it can serve as a guide through this process. Organisations are constantly gathering and producing huge amounts of data, but not all know how to get the most out of this treasure trove of information at their fingertips.

Businesses hold different types of data that is used in different ways. Customer data – age, gender, region, and interaction history –can be used to improve the customer experience and help businesses be more targeted in their marketing. Financial data –profit and loss figures, revenue growth – is more useful for shaping a business’ financial strategy, forecasting and, if relevant, fundraising targets. Different again in terms of breakdown and use is employee data which could be used to shape internal policies to drive staff retainment and increase productivity.

As these different data types are generated by different departments (customer data from sales and customer services etc.), a culture of ‘data ownership’ often emerges, and valuable data stores become siloed in their respective departments.

However, this data is valuable across the entirety of the business, and an open data culture must be established so as to extract as much business insight out of it as possible.It’s also important that enough time and energy is dedicated to ensuring that company data is accurate and up to date. The most efficient companies have a single view of their data across all departments, enabling a clear view into where changes can be made without causing disruptions. If the data is scattered and unmonitored then it is a wasted resource. Therefore, a key step towards updating your business model is to build a single, comprehensive view of this data.

Creating a single view of all this data requires software that facilitates proper integration of applications and data across departments. This enables a data-driven mindset within an organisation. Technology has advanced to the extent that this single view of data is an achievable goal and should be a high priority for all senior management.

 Prioritise agility

These two steps need to be complemented by enforcing an agile business model.It’s no use adapting to new changes in the market a year after they happen, they’ll already be old news. The technological landscape is so fast paced that companies need to have the infrastructure to cope with rapid change. The start-up landscape means that from nowhere a company staffed by an ambitious, determined team can disrupt an otherwise stagnant industry and become your biggest competitor. Just look at the challenger banks, since their launch legacy banks have had to adapt and refresh their mobile banking options to keep up.

Agility is key to changing business models, but it is also fundamental to all aspects of running a business, rather than just being a buzzword tick box, it should be a priority.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post