What Do Business Model Innovation Consultants Do?
Every company has a business model, and this must be consistently reviewed to ensure it is still delivering value for an organization.
The role of the business model innovation expert is to analyze current business models within the organization and identify any weaknesses in the model. For example, is the organization dealing with the needs of their customers and problems they may be facing? Will the business model allow the organization to establish long term relationships with the customers?
The business model innovation consultant has expertise in making changes to the organization’s value proposition and the operating model. They may look at the target market, the product or service they are offering customers, as well as the revenue model. The main aims of making these innovative changes is to increase profitability, ensure the organization has a competitive advantage, and deliver value to the customers.
Most In-Demand Services of Business Model Innovation Consultants
Why Hire Business Model Innovation Consultants?
Competition exists for every business, and the most successful businesses will keep an eye on their competitors and make changes to ensure they have the competitive edge.
An example of this is traditional companies who are not able to compete with alternative digital companies. They can end up out of business because the needs of customers change, and they fail to make changes to their business model to adapt to those needs. Could they have adapted to competitors and changing needs of customers by hiring a business model innovation consultant, and retained their business? Most probably.
These are some reasons why you may want to hire a business model innovation expert.
Generate New Ideas
It can often be difficult for business owners to view their organization from the outside. They usually focus on what they are doing, rather than looking at the future and changes they may need to make to ensure they stay competitive. Business model innovation consultants will be able to generate new, fresh ideas which will benefit your business and ensure you stay competitive. Business owners often can’t “see the wood for the trees”, meaning they are so involved in the day to day delivery of their business, that they can’t see the wider environment.
Another key benefit of hiring a business model innovation expert is that they will be able to identify new products or services which will be of benefit to your customers, and keep you ahead of competitors.
Business model innovation consultants will be able to identify those vital changes you can make to the products and/or services you offer your target market, to create the most value for your organization.
Keep up with trends
The business innovation expert may use the Business Model Innovation Canvas to ensure your organization is keeping up with trends within your business sector. This includes, customer segments, value propositions, channels, customer relations, income, resources, activities, partnerships, and cost structure. Keeping up with trends is vital within business, and this is often an area business owners don’t have the time for. The business model innovation expert can ensure your business stays competitive.
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Business model innovation consultants are hired by organizations for a set period. Within this time, they will analyze the current business model, and either make improvements to this or in some cases, they may introduce a completely new business model. Some organizations don't have a set business model and the consultant will be able to introduce one which suits the needs of the business and customers.
At Consultport, we understand the importance of making the right hire, and we will provide you with business model innovation consultants who are suited to your business sector.
As the consultant plays a vital role in the success of your organization, it is imperative that you make the right hire.
These are some ways to ensure you recruit the best business model innovation consultant for your business.
Do they have experience or knowledge within your business sector? Every business sector operates differently and has a specific type of customer base. It is hugely beneficial if the business model innovation expert understands your sector, whether that be working in it or having personal experience. The best type of person to be able to revolutionise a business model would have been someone who had worked in that matter or had expertise within it. That's the only way they can truly understand the needs of your customer base.
What sort of change management knowledge do they have? Although the process of managing changes is not an aspect of the business model innovation expert's role, they must understand how it works. It is not as simple as just making changes to the business model but also understanding if they are possible within the organization. For example, is the organization big enough to cope with extra demands? Do employees have the required skills to deal with a change to this business model? The consultant won't manage the changes but must understand if there are constraints which might make the business model changes impossible to implement.
There are also a range of specific skills which are essential for this type of role:
- Innovative: Do they have a lot of ideas? Are they passionate about innovation? This role requires someone who is full of new ideas and wants to make positive changes to the business.
- Attention to detail: Are they able to extract all areas of the business which combine to make up the business model. Do they understand the Business Model Innovation Canvas? It is important that the consultant has profound attention to detail skills to be able to extract and analyze key elements of the business model.
- Communication skills: With any major changes to a business, communication is key. The Consultant must be able to communicate confidently to be able to get their ideas across and to be able to explain these succinctly.
- Market Research: How does the Consultant understand the market and the changing needs of consumers? Do they know how to conduct market research and utilize a wide range of sources? Market research is a key element of this role, and imperative for being able to make changes to the business model.
The Business Model Innovation Consultant can work in your business for a period of time to suit your business needs. They will identify ways in which you can make your business model more effective, and therefore, more profitable. If you want to enhance your business prospects, hiring a Consultant with expertise in business models is a key way to achieve this. At Consultport, we will provide you with a Consultant who will use their expertise and innovation to ensure your business model is a success.