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Summary Summaries and articles New Business Models and Consulting
All the articles required for the exam + summaries made during the lectures can be found in this file
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Summaries articles NewBusiness Models & Innovation
1
,Consulting on the Cusp of Disruption
The article "Consulting on the Cusp of Disruption" provides a comprehensive analysis of the evolving
landscape of the consulting industry, which has remained fundamentally unchanged for over a
century. This industry, traditionally characterized by deploying highly skilled professionals to solve
complex client problems, is now facing potential disruption due to various factors.
Key Findings:
1. Innovation and New Business Models: McKinsey & Company, a leading consulting firm, has
initiated innovations like McKinsey Solutions, which emphasizes software and technology-
based analytics. This marks a shift from the traditional model of deploying human capital to
leveraging hard knowledge assets, aiming to provide clearer ROI, protect revenue during
downturns, and hedge against potential disruption.
2. Industry Disruption Patterns: Similar to disruptions in other industries, the consulting sector
is seeing new entrants with nontraditional business models. This trend is eroding the market
share of traditional firms. For instance, the proportion of classic strategy work in these firms
has significantly decreased over the years.
3. Shifts in Pricing and Client Expectations: There's a growing trend towards value-based
pricing over traditional per diem billing, reflecting changing client expectations and market
pressures. Clients are increasingly discerning, looking beyond brand reputation and
demanding more transparency and efficiency. This shift is leading to the disaggregation of
services, with clients choosing firms based on specific needs rather than opting for one-stop
solutions.
Implications:
1. Modularization and Democratization of Knowledge: The industry is witnessing a shift
towards modular providers offering specific services, which contrasts with the all-
encompassing approach of traditional firms. This change is driven by access to democratized
knowledge and clients' desire for more control and speed.
2. Rise of Alternative Service Models: Firms like Eden McCallum and Business Talent Group are
challenging traditional models by offering more flexible, cost-effective solutions through
freelance consultants. These firms are gaining traction by not bearing the fixed costs of
traditional firms and focusing more on client control over engagements.
3. Technological Advancements and Predictive Analytics: The incorporation of big data
analytics and predictive technology is becoming increasingly significant. This technological
invasion is leveling the playing field, allowing new players to compete effectively against
established firms.
In conclusion, while the core of critical consulting work requiring bespoke solutions will likely remain,
the industry is poised for significant changes. Firms that adapt to these evolving dynamics, leveraging
new technologies, and addressing emerging client needs will likely succeed in this changing
landscape. The key to navigating this disruption will be agility, innovation, and a keen understanding
of client requirements and market trends.
2
,Disrupting Beliefs: A New Approach to Business Model
Innovation
The article "Disrupting Beliefs: A New Approach to Business Model Innovation" discusses how
established companies can innovate by reframing the foundational beliefs that underpin their
industry's business models. This approach is particularly relevant in an era where traditional business
models are increasingly vulnerable to disruption.
Key Findings:
1. Challenge to Innovate: Established companies often struggle to innovate their business
models, either due to difficulty in recognizing new possibilities, fear of cannibalizing existing
profits, or reluctance to make substantial changes. However, these companies can disrupt
traditional business practices by reassessing and reframing the core beliefs that define their
value creation.
2. Reframing Core Beliefs: Industries operate on long-standing beliefs about value creation,
often considered inviolable until challenged, usually by new entrants. Incumbents can
innovate by identifying these core beliefs and turning them on their head, thereby
uncovering new forms of value creation. This process involves outlining dominant business
models, dissecting core beliefs into supporting notions, formulating radical new hypotheses,
and then translating these reframed beliefs into new business models.
3. Digitization as a Common Denominator: The digitization of business emerges as a common
theme in reframing, affecting customer interactions, business activities, resource
deployment, and economic models. This shift has led to new models of customer
empowerment, intelligent and adaptive business activities, access-based resource utilization,
and cost innovation, often driving prices to near zero in digital domains.
Implications:
1. Customer Empowerment Over Loyalty: In the digital age, customer loyalty is less about
retention and more about empowerment. Customers, equipped with digital tools and
knowledge, often make better choices than what companies can guide them towards. The
shift is towards enabling customers to express their ideas and fulfill their talents, leading to a
more engaging and collaborative relationship.
2. From Efficiency to Intelligence in Operations: The focus on efficiency is no longer sufficient.
Companies are embedding intelligence into their operations, allowing for flexibility and
adaptability in rapidly changing markets. This approach fosters learning systems that not only
work harder but also smarter.
3. Asset Access Rather Than Ownership: The shift from owning assets to accessing them
reflects a larger societal move towards collaborative consumption and open-source models.
This change is facilitated by digital technology, which reduces transaction costs and increases
transparency, thereby enabling new value-creating models that are more flexible and
efficient.
4. Cost Innovation Through Digitization: Digitization is challenging the traditional notion that
producing more requires more resources. Digital goods can be replicated at zero marginal
3
, cost, allowing multiple customers to use them simultaneously. This innovation is dramatically
impacting industries by offering services at significantly lower costs or even for free.
In summary, the article highlights that even large, established companies can be disruptive by
challenging traditional business orthodoxies, especially in the digital era. By reframing core beliefs
and adapting to technological advancements, these companies can innovate their business models to
stay relevant and competitive.
4
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