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The business model canvas adapted for the digital economy

The digital business model canvas is an adaptation of the business model canvas, a lean approach to defining business models augmented for the realities of digital commerce.

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The business model canvas adapted for the digital economy

  1. 1. Adapted by InfoSight Partners, LLC for the digital economy, © 2018 THE BUSINESS MODEL CANVAS As adapted for the Digital Economy by InfoSight Partners Materials for completing a Business Model Canvas through a Working Session As adapted for the Digital Economy By InfoSight Partners
  2. 2. $ $$ $ KEY PARTNERS KEY ACTIVITIES KEY RESOURCES VALUE PROPOSITION CONSUMERS COST REVENUE CONTENT Adapted by InfoSight Partners, LLC for the digital economy, © 2018 THE BUSINESS MODEL CANVAS As adapted for the Digital Economy by InfoSight Partners
  3. 3. Adapted by InfoSight Partners, LLC for the digital economy, © 2018 WHAT IS THE BUSINESS MODEL CANVAS As Adapted for the Digital Economy by InfoSight Partners
  4. 4. Adapted by InfoSight Partners, LLC for the digital economy, © 2018 WHAT IS THE BUSINESS MODEL CANVAS As Adapted for the Digital Economy by InfoSight Partners
  5. 5. COMPONENTS EACH PAGE IN THIS TEMPLATE IS FOCUSED ON A COMPONENT OF THE BUSINESS MODEL CANVAS ADAPTED FOR THE DIGITAL ECONOMY. Adapted by InfoSight Partners, LLC for the digital economy, © 2018 QUESTIONS EACH TARGETED QUESTIONS ARE PRESENTED ON EACH COMPONENT TO ASSIST IN COMPLETING A BUSINESS MODEL CANVAS ADAPTED FOR THE DIGITAL ECONOMY. TEMPLATES TEMPLATES TO ADDRESS 5 BOLD MOVES, 5 KEY RISKS, 5 KEY PLATFORMS THAT FACILITATE THE REALIZATION OF THE 5 BOLD MOVES AND MITIGATE THE 5 KEY RISKS AND 5 KEY ACTIONS YOU PLAN ON TAKING IMMEDIATE ACTIONS TO BE TAKEN ARE PROVIDED WHAT IS IN THIS PACKAGE
  6. 6. PLATFORMS THE DIGITAL ECONOMY IS BUILT ON PLATFORMS, EACH SERVING A FUNCTION TO INTERACT WITH CONSUMERS, DELIVER CONTENT TO CONSUMERS OR MANAGE THE REALIZATION OF TRANSACTIONS OR REFERRALS. CONTENT IN THE DIGITAL ECONOMY, THE APPROPRIATE CONTENT, AS PRESCRIBED THROUGH CONSUMER INTELLIGENCE TO BEST SERVE THE WANTS, NEEDS AND DESIRES OF CONSUMERS IS PROVIDED TO CONSUMERS THROUGH A NUMBER OF CHANNELS. A PERCENTAGE OF THAT CONTENT IS MONETIZED. CATALYST INFORMATION SERVES AS THE CATALYST TO SERVE AND INFLUENCE CONSUMER WANTS, NEEDS AND DESIRES. BOTH CATALYST AND CONSUMER INSIGHT TOPICS ARE COVERED. Adapted by InfoSight Partners, LLC for the digital economy, © 2018 ROBOTS AUTONOMOUS BUT ORCHESTRATED COMPONENTS OF INTELLIGENT SOFTWARE, USED TO MANAGE THE EXECUTION OF BUSINESS PROCESSES AS DEFINED IN INTERACTION SCRIPTS (DIGITAL STORYBOARDS) THAT INTERACT WITH CONSUMERS, GENERATE ORGANIZATIONAL VALUE AND EXPOSE RISKS. WHAT WAS ADDED FOR THE DIGITAL ECONOMY
  7. 7. THE DIGITAL ECONOMY IS BUILT ON PLATFORMS WE LIVE IN A WORLD WHERE “THE PLATFORM ECONOMY” ISN’T JUST DISRUPTIVE, IT’S KILLING OFF THE VIABILITY OF LONG LASTING BUSINESS MODELS. PLATFORM BASED STRATEGIES ARE MORE NIMBLE AND FOSTER ACCELERATED INNOVATION AND GROWTH. Adapted by InfoSight Partners, LLC for the digital economy, © 2018 A PLUG AND PLAY APPROACH TO PLATFORMS SHOULD BE A KEY COMPONENT OF YOUR DIGITAL STRATEGY • Retail, Platforms (AWS) • Many (Music, AppStore, Smartphone, Tablets) • Movie Rentals • Advertising Amazon Apple Netflix Google
  8. 8. THE DIGITAL ECONOMY USES INFORMATION AS A CATALYST THOSE THAT SURVIVE THE DIGITAL AGE WILL POSSESS THREE KEY FACETS OF THEIR OVERALL STRATEGY 1– Adapted by InfoSight Partners, LLC for the digital economy, © 2018 YOUR DIGITAL STRATEGY SHOULD ENSURE • A RELENTLESS FOCUS ON THE MONETIZATION OF INFORMATION USED AS THE CATALYST TO ACHIEVE VALUE, • A RELENTLESS FOCUS ON THE EFFECTIVE MANAGEMENT AND PROTECTION OF MONETIZABLE INFORMATION AND • TREATING THIS MONETIZABLE INFORMATION AS A MEASURABLE ORGANIZATIONAL ASSET 2 – 3 – BECOME A MASTER OF ATTENTION MANAGEMENT. WELL DEVISED INTELLIGENT ROBOTIC SOFTWARE DOESN’T SUFFER FROM ATTENTION DEFICIT. REACH A BALANCE BETWEEN INFORMATION AND JUDGEMENT, WITH FACT BASED DECISIONS REACHED USING ANALYSIS AND ARTIFICIAL INTELLIGENCE BEING GIVEN PRIORITY IN MOST CIRCUMSTANCES. INFORMATION IS MONETIZED THROUGH ACTIONS TAKEN AFTER CAREFUL ANALYSIS. THE UBIQUITY OF INFORMATION DEMANDS A CAREFUL BALANCE OF AQUIRING AND SHARING INFORMATION AND THE DEMANDS OF PROTECTING THE PRIVACY OF INFORMATION AVAILABLE FOR INSIGHT.
  9. 9. THE DIGITAL ECONOMY DEPENDS ON VISIONARY LEADERS Adapted by InfoSight Partners, LLC for the digital economy, © 2018 YOUR DIGITAL LEADERS SHOULD BE READY TO ACCEPT CHANGE AND POUNCE ON OPPORTUNITIES THE BIGGEST CHALLENGE A VISIONARY DIGITAL LEADER WILL HAVE IS A KEEN ABILITY TO CONTINUALLY REFOCUS ON THAT WHICH REQUIRES ATTENTION AT THE ACCELERATED PACE OF DIGITAL COMMERCE DIGITAL VISIONARY Innovative DIGITAL LAGGARD Status Quo Focused Resistant to Change Stuck in Legacy Practices Rarely Probing Generally impatient for results Demands Continued improvement Continuously tests new approaches Portfolio approach to mitigating risks Introduces improvements through change management programs Patient for results Disruptive Targets middle of the pack Consensus based management Command and control Highly bureaucratic Constructively contrarian Fosters accountable individuals Thrives amidst ambiguity Infectiously entrepreneurial Highly impatient with beauracracy Risk Deeply Risk Adverse Style Paralyzed by uncertainty Requires teams to come to consensus Lack of independent initiative Uncomfortable with the unknown Highly decisive Compelling vision Prioritizes innovation Adaptive and pushes boundaries DIGITAL LEADER Managed Approach to risk The pace of the digital economy will demand leaders to have the ability to continually refocus on that which demands their attention and be able to prioritize on the actions that will make a difference. Robotics improve the chances of avoiding attention deficit disorder.
  10. 10. $ $$ $ KEY PARTNERS KEY ACTIVITIES KEY RESOURCES VALUE PROPOSITION CONSUMERS COST REVENUE CONTENT Adapted by InfoSight Partners, LLC for the digital economy, © 2018 THE BUSINESS MODEL CANVAS COMPONENTS As adapted for the Digital Economy by InfoSight Partners
  11. 11. KEY PARTNERS • What role do key partners serve in your business model? Are your partnerships strategic differentiators? • How will you validate that partners are doing what you expected? • How will you attract and maintain partners? • Why would someone want to be your partner? Adapted by InfoSight Partners, LLC for the digital economy, © 2018
  12. 12. KEY RESOURCES • What are the key resources you need to make the organization profitable / self sustaining? • How do you plan on effectively using those resources? • What do you do when key resources are not serving the anticipated roles? • What do you do when key resources negatively impact cash flow? $ Adapted by InfoSight Partners, LLC for the digital economy, © 2018
  13. 13. • What are the key activities? • What are the interfaces used to monitor key activities and related activities? • Which of the key activities run autonomously and which require human intervention? • Are there storyboards developed for key interactions within key activities and are they available digitally for controlling the orchestration of key activities? KEY ACTIVITIES Adapted by InfoSight Partners, LLC for the digital economy, © 2018
  14. 14. • What business functions are the platforms serving? Which of the functions are unique? • What information do you receive from platforms which can be used for key platform activity orchestration? • How do you validate that the key platforms are effective at serving the role you envisioned? • What risks are associated with engaging key platforms for specific business roles? KEY PLATFORMS Adapted by InfoSight Partners, LLC for the digital economy, © 2018
  15. 15. VALUE PROPOSITION • What is your value proposition, and why do your consumers align to your value proposition? • How do you monetize information to reap the benefits of your value proposition? • How do you monitor the realization of your value proposition? • How do you course correct when the realization of your value proposition is compromised? Adapted by InfoSight Partners, LLC for the digital economy, © 2018 • Do you have autonomous software specifically devised to monitor unexpected results that potentially compromise the realization of your value propositions?
  16. 16. CONSUMERS • What do you do to ensure new consumers find it compelling to interact with you? • What do you do to convert consumers into customers or refer consumers for referral income? • How do you ensure you keep customers? • What do you do to collect and analyze the information necessary to serve the wants, needs and desires of consumers? Adapted by InfoSight Partners, LLC for the digital economy, © 2018
  17. 17. • What processes will you utilize to obtain consumers, form lasting relationships, convert a portion of those consumers to customers and a portion of those customers to repeat customers? • What differentiates you from your competition when it comes to consumer relationships, customer relationships and relationships with repeat customers? CONSUMER RELATIONSHIPS • What do you do to facilitate repeat visits from consumers, convert consumers to customers and cement relationships with customers? • Why will customers want to work with you instead of your competition? Adapted by InfoSight Partners, LLC for the digital economy, © 2018 Sales Funnel Customer Loyalty Customer Service
  18. 18. • What information do you need to effectively understand the wants, needs and desires of consumers, and deliver content, goods and services and referrals to satisfy those needs? • What steps have you taken to earn the trust of consumers so they feel assured that the information they share with you to better serve them will remain private and not be misused or mishandled by either you or the platforms and partners having access to their information? CONSUMER INSIGHT • How do you ensure that you optimize the use of the information you have at your disposal to provide content and convert a percentage of provided content into transactions or referrals? Adapted by InfoSight Partners, LLC for the digital economy, © 2018 $ Privacy Insight
  19. 19. CHANNELS (how you interact with consumers and customers) • Do you have a unified, cohesive plan to address the channels consumers and customers will use interchangeably to interface with your digital persona? • Do you have the necessary nimbleness to add and/or alter channels as they morph in the markets you participate in? • Do you define interactions with consumers in such a way that the channels used to interface with you, digitally, in a physical storefront, or through a complex channels (e.g., through Internet of Things (IoT) devices, through Extended Reality (XR) facilities or some other complex interaction channel) so that the inter-mix of interactions across channels can be analyzed collectively as one stream? Adapted by InfoSight Partners, LLC for the digital economy, © 2018
  20. 20. CONTENT • How do you dynamically optimize content to serve the wants, needs and desires of consumers? • How do you measure the effectiveness of content and course correct as necessary? • How do you ensure that content is continually crisp and relevant? • How do you ensure that the appropriate content reaches the right consumers? • What intelligence do you need to dynamically optimize content? Message Video Search Social • How do you ensure that you can monetize content into either transactions or referrals? Adapted by InfoSight Partners, LLC for the digital economy, © 2018 Content is King • What makes you different?
  21. 21. COST (describe the key cost components) $ • Are the cost components associated with your digital presence as comprehensively defined as those used for your physical presence? • Do you allocate an information cost and the associated necessities of your digital presence (e.g., Data Privacy, Information used in analysis to prescribe actions, information used to orchestrate interactions, etc.) to your overall costs? • Do you compute a portion of organizational value to the information used to derive that value as a means to compute an Information ROI? • Do you include the cost of enlisting a team dedicated to ensure that the processes, algorithms and artificial intelligence is at all times relevant to the market forces you address every day? Adapted by InfoSight Partners, LLC for the digital economy, © 2018
  22. 22. REVENUE (what are the revenue streams) $$ • Do you define the revenue streams available through the delivery of reimbursed content, the execution of commercial transactions and the referral of interactions to other parties as comprehensively as you do for your physical interactions? • Do you define your revenue streams across your interaction channels used for realizing your value propositions? • Do you have autonomous means to identify risks to your defined revenue streams? Adapted by InfoSight Partners, LLC for the digital economy, © 2018
  23. 23. ROBOTS (the orchestrated software augmented with AI) • Is the software orchestrated to interact with consumers digitally capable of making many decisions through artificial intelligence (AI)? • Is the time necessary to modify the software and associated analytics sufficiently nimble to be changed at the speed of changes witnessed in the marketplace? • Is the a team accountable for ensuring the relevance of software used to orchestrate the organization’s digital business processes? • Is the software used to orchestrate the business processes of the organization continually tested for misalignment with market forces? • Are the maps detailing interactions (digital storyboards) and the maps detailing the information available for these interactions (IPA maps) continually updated? • Typically, how many business cycles are required to retrofit the software used to orchestrate the organization’s digital business processes? Adapted by InfoSight Partners, LLC for the digital economy, © 2018
  24. 24. CATALYST (how you use information as a value catalyst) • Do you adapt your strategies based on market circumstances? How do you identify adaptable opportunities? Is the identification process autonomous and effective? • What prevents you from allowing more components of your business model to be adaptable? • Do you maintain a list of the information that is monetized? Are processes managing this monetization fully autonomous and effective? Do you manage this monetizable information similarly to other organizational assets? • Have you devised metrics to continually improve the business benefits will be enjoyed by increasing the adaptability of components of your business model? Are the metrics used competitively? Adapted by InfoSight Partners, LLC for the digital economy, © 2018
  25. 25. LEADERSHIP (how you steer your organization to leverage your digital differentiation) • Do you test that your organization is poised to accept the onslaught of change occurring and anticipated in the digital economy? • Have you encouraged leaders to have the necessary patience to give strategic innovative programs time to achieve their intended results before changing direction? • Do you have leaders accountable for leading the charge to identify and monetize information available to the organization? • Have you incented your leaders to take intelligent chances that will leverage your digital differentiation? Adapted by InfoSight Partners, LLC for the digital economy, © 2018
  26. 26. SUPPORTING TEMPLATES Adapted by InfoSight Partners, LLC for the digital economy, © 2018 5 BOLD MOVES 5 KEY RISKS* MONETIZED INFORMATION 5 KEY PLATFORMS * Described as Unexpected Outcomes BOLD MOVES KEY RISKS 5 FOCUSED ACTIONS
  27. 27. 5 BOLD MOVES Adapted by InfoSight Partners, LLC for the digital economy, © 2018 In the 5 Bold Moves template you will be asked to describe the five bold moves that will help solidify your value propositions as depicted in this Digital Business Model Canvas (DBMC). Each of the 5 Bold Moves will then be prioritized to their importance of solidifying your value propositions.
  28. 28. 5 BOLD MOVES Adapted by InfoSight Partners, LLC for the digital economy, © 2018 BOLD MOVE PRIORITY TIMELINE COST RISK
  29. 29. 5 UNEXPECTED OUTCOMES Adapted by InfoSight Partners, LLC for the digital economy, © 2018 In the 5 Unexpected Outcomes template you will be asked to describe the five most likely activities that will either derail your business plan as depicted in this Digital Business Model Canvas or marginalize the value propositions. Each of the 5 Unexpected Outcomes will then be prioritized to their risk of damaging the potential for successfully realizing the value propositions as depicted in the Digital Business Model Canvas.
  30. 30. 5 POTENTIAL UNEXPECTED OUTCOMES Adapted by InfoSight Partners, LLC for the digital economy, © 2018 POTENTIAL UNEXPECTED OUTCOME POTENTIAL DAMAGE CYCLE TIME LOST VALUE
  31. 31. 5 KEY PLATFORMS Adapted by InfoSight Partners, LLC for the digital economy, © 2018 The digital economy is a platform economy. The 5 Key Platforms template is the vehicle you will use to convey which functions of your Digital Business Model Canvas will depend on platforms and their flawless execution of these functions vital to the success defined in the Digital Business Model Canvas Candidate platforms will be identified to serve the functions listed in the 5 Key Platforms template.
  32. 32. 5 KEY PLATFORMS Adapted by InfoSight Partners, LLC for the digital economy, © 2018 FUNCTION SERVED BY THE PLATFORM WHY IT IS CRITICAL HOW WILL IT BE MONITORED CANDIDATE PLATFORMS
  33. 33. CRITICAL INFORMATION MONTEIZATION Adapted by InfoSight Partners, LLC for the digital economy, © 2018 The digital economy uses information as a catalyst, through analytics and the optimization of content which is then converted to either transactions or referrals. Without key information, the serving of consumer wants, needs and desires will be marginalized. The Critical Information Monetization template is the vehicle used to identify the information monetized, the management process to ensure the availability and optimization of monetized information and what the differentiators are in the approach or information you use and is monetized.
  34. 34. CRITICAL INFORMATION MONETIZATION Adapted by InfoSight Partners, LLC for the digital economy, © 2018 Your Information Asset Management Plan is Focused on Information you Monetize INFORMATION THAT IS MONETIZED HOW IS IT MONETIZED? HOW IS IT MANAGED? DIFFERENTIATORS
  35. 35. KEY ACTION PLAN Adapted by InfoSight Partners, LLC for the digital economy, © 2018 WINNING ACTIONS 1 Customer Focused Innovative Impactful Compatible With Core Values WHAT YOU WILL DO HOW LONG WILL IT TAKE HOW MUCH WILL IT COST WHAT IS THE VALUE
  36. 36. IMMEDIATE ACTIONS Adapted by InfoSight Partners, LLC for the digital economy, © 2018 IMMEDIATE MINOR ACTIONS IMMEDIATE MAJOR ACTIONS * Described as Unexpected Outcomes 30 DAY 60 DAY DISRUPTION INTERVENTION MARKET ACCEPTANCE ISSUES OPPORTUNISTIC ACTIONS
  37. 37. IMMEDIATE MINOR ACTIONS Adapted by InfoSight Partners, LLC for the digital economy, © 2018 WHAT I NEED TO DO IMMEDIATELY CRITICAL INTERACTIONS CRITICAL PLATFORMS STORY BOARDS VALUE PROPOSITION WHAT I AM MISSING SWIFT BUT MINOR COURSE CORRECTIONS
  38. 38. IMMEDIATE MAJOR ACTIONS Adapted by InfoSight Partners, LLC for the digital economy, © 2018 WHAT I NEED TO DO WITHIN 30 DAYS CRITICAL INTERACTIONS CRITICAL PLATFORMS STORY BOARDS VALUE PROPOSITION WHAT I AM MISSING SWIFT SIGNIFICANT COURSE CORRECTIONS
  39. 39. DISRUPTION CYCLE INTERVENTION Adapted by InfoSight Partners, LLC for the digital economy, © 2018 DISRUPTION PHASE BRACKET: TYPE AND SCOPE ACTIONS TAKEN MONITORING AIDS MARKET REACTION DISRUPTION DISCOVERY THE BIG BANG THE BIG CRUNCH NEW EQUILIBRIUM ALIGNMENT TO EQUILIBRIUM YOU HAVE ENCOUNTERED UNEXPECTED CHRONIC OUTCOMES
  40. 40. MARKET ACCEPTANCE ISSUES Adapted by InfoSight Partners, LLC for the digital economy, © 2018 WHY ARE YOU NOT ACCEPTED WHAT WILL YOU DO ABOUT IT WHAT DO YOU NEED TO SUCCEED WHAT STORYBOARDS NEED MODIFICATION TIME TO ACCEPTANCE YOUR APPROACH IS NOT ALIGNING WITH THE WANTS, NEEDS AND DESIRES OF CONSUMERS
  41. 41. OPPORTUNISTIC ACTIONS Adapted by InfoSight Partners, LLC for the digital economy, © 2018 WHAT IS THE OPPORTUNITY IS IT SYSTEMIC? WHAT ACTIONS ARE AVAILABLE WHAT REWARDS ARE AVAILABLE TIME AND EFFORT WHAT OPPORTUNITIES ARE AVAILABLE TO POUNCE ON CAPITALIZED
  42. 42. INNOVATIONS Adapted by InfoSight Partners, LLC for the digital economy, © 2018 WHAT IS THE INNOVATION HOW DISRUPTIVE HOW WILL YOU INTRODUCE IT WHAT PROMOTION IS REQUIRED TIME AND EFFORT WHAT INNOVATIONS CAN YOU LAUNCH AND DISRUPT EVERYTHING INNOVATION
  43. 43. TO CONTACT THE AUTHOR Adapted by InfoSight Partners, LLC for the digital economy, © 2018 InfoSight Partners, LLC offers this template, which you are free to use within your organization, use our application devised to collect the information or ask us to facilitate a working session. Our mission is to facilitate defining how information will be monetized and managed similarly to other assets directly utilized for obtaining value.

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