Why Composable and Agile Business Models Need Strategic Business Analytics
There are two overarching megatrends in today’s market: heightened uncertainty and the explosion of data as we migrate to the digital economy. In these circumstances, employing two crucial tactics in business strategy serves to create business value: 1) composability, the framework and interrelationships among component parts that can be reassembled to transform the business model; and, 2) business process agility, the ability to reconfigure resources and business processes for innovation and scale. Both of these tactics require highly granular visibility into business processes along with analytics to measure performance metrics aligned with business objectives. Given elevated levels of uncertainty around employee health and safety in the age of COVID, and the consequent economic and business uncertainty; a well thought out business strategy analytics framework provides a means of navigating uncertainty with greater confidence and lower risk exposure. To be successful in the face of volatility, the analytics framework employed must be structured to optimize outcomes that drive business value.
Disruption and Uncertainty
The pace of technological change and innovation is accelerating. Exogenous events unfold from numerous factors altering the competitive landscape that radically introduce new business models that in turn, redefine the means of competition. To gain a competitive advantage or even just maintain your advantage, new tools are required. These new tools such as cloud architecture, data engineering, secure data access, scale, analytics and machine learning, are integral in creating the capabilities required to remain competitive.
The rapid transition to the digital economy is only exacerbating uncertainty and the disruption to legacy business models. How can companies prepare and take advantage of new technologies to transform their business? For one, developing a business strategy analytics framework to navigate uncertainty and enhance your business model is a must. Essentially, a business strategy analytics framework is designed to measure performance metrics that are relevant to business objectives while optimizing the outcomes for success. One thing is clear, disruptive innovation and competitive landscape is changing fast, composability, agility and analytics are important.