What's the difference between the two?
New business models are emerging faster than ever, spurred on by access to technology and scaling infrastructure, different ways of thinking, new market opportunities and more routes to secure funding.
This report explores what lies behind business model innovation. It discusses a number of the key trends that are shaping the global economy that demand new approaches from organisations as they rethink their business models.
12 characteristics that business models of the future are putting together in different combinations are identified in the report. These characteristics behind the models – and their 'plug and play' nature – can be understood as the driving force behind business model design.
For professional accountants, being ready to make the most of these opportunities will demand new skills. Financial acumen, technical knowledge and ethical judgement are attributes that the accountancy profession can uniquely bring to support business model innovation across the three spheres of value proposition, value creation and value capture. The report suggests 4 key approaches that professional accountants must develop to become strategic business leaders of the future, these are:
- Thinking systemically and about how to create value as part of a network
- Developing understanding about how to capture and assess new sources of value
- Building creative capabilities to thinking differently and problem solve
- Adopting a long-term mindset
