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SUCCESSFUL BUSINESS MODELS IN 2020

Hey!! Great news for you, Here we have some business model for you which can take your business level up. Business model is how a company creates value for itself while delivering products and services for its customers. There are some of the successful key business models listed for you .

Subscription models

Moving towards subscription models or we call as servitization of industries. Some companies would simply produce things and sell them, For eg:- Some companies  produce Cars and it gives them revenue at one point and this is one of the good purchase as well in time but, if you can create a service model, this is different because what you do is , you create an ongoing relationship with your customers so they usually tend to be much more loyal in the long run and you will have regular revenue streams too coming in. Now many companies have moved to subscription model pushed with lots of their services.

Creating Platform model

These are businesses that basically create platform and then connects consumers or consumers and businesses or businesses and businesses. For eg:- Facebook are basically creating a platform for people to share information with their friends and it is consumers who upload contents, share contents and so on. By monitoring this platform, it gives you lots of information and big competitive advantages. These platforms are hugely scalable and very quickly becoming global business.

Employee centric business

Entering fourth industrial revolution war talent or the competition for really talented people with skills is increasing and heating up. So, what organization do is to attract really talented people and these organization are really employee centric where they offer a working environment with nice organizational cultures to make employee happy and relaxed. Business that offers office spaces and focuses mainly on employees for the job to done is employee centric.

Partner-centric business

In today’s fourth industrial revolution , a business model that is really agile, flexible, that you can scale up and scale down and that leverage all other companies need suppliers, they need distributors and they can outsource certain part of their business like HR, marketing, like finance and so on. They really understand what are core skilled that they need to learn within their business and from which parts can they outsource.

Customer value obsessed business

Companies that are really thinking about how can they make the lives of their customers better? How can they take some of the hassle out of their lives and those are the companies that are thriving at the moment. If you think about retailers they are great example, they have lots of frictions, even tradition retails. I need to drive to shop, remember what I wanted to buy, this might not be in shelf when I then load my trolley to check out and have to stand up in line and taking things again from my trolley to scan , put again in my bag this is silly. Companies like Amazon started to rethink on this model, where they used machine vision technology to monitor on actually what you want.

Data driven business                                                     

Data is the valuable resource in the world so, what organizations need to do is they need to be able to leverage this resource and really use it to drive their business performance. So, business that uses data intelligently understands that they need to collect the right data and then use it to improve their products and services.

Tech-savvy business

Tech savvy businesses are businesses that leverage technology and use it to really drive their business forward. In this tech era, they use technology as the basis of lots of their improvements and the further thing is that they are combining the technology with the other entire key business model.

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