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ThoughtWorks Retail and Onefinestay - Business Model Innovation - Retail Week Buzz

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Miranda Cresswell of Onefinestay and Mark Collin of ThoughtWorks Retail discussed 'Driving Business Model Innovation' at Retail Week Buzz 2016 in London

Published in: Retail

ThoughtWorks Retail and Onefinestay - Business Model Innovation - Retail Week Buzz

  1. 1. MODERN RETAIL& BUSINESS MODEL INNOVATION
  2. 2. 2 AMODELOFMODERNRETAIL
  3. 3. 3 It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.
  4. 4. 4 EVERYONE HAS THEIR OWN VIEW ON TRANSFORMATION & CHANGE Klaus - CEO - Alcoa WHAT: Tech Innovation (3D Printing) WHY: •  Reduction in time to market •  Reduction in Experimentation timescales Jean-Pascal - CEO – Schneider Electric WHAT: IOT & Analytics Cloud WHY: •  Real time monitoring and optimisation •  Realisation that data is key •  Partnerships to do the simple things Meg - CEO - HP Enterprise WHAT: Organisational Speed Automation & Orchestration WHY: •  “The future belongs to the fast” •  Combined Business & IT Strategy Bernard - CEO - Kaiser Permanente WHAT: Business Model Innovation (New Channels) WHY: •  Customer Feedback / risk of being left behind
  5. 5. 5 Vision Ways of working Software delivery C U L T U R E DIGITAL & ORGANISATIONAL TRANSFORMATION THEMES
  6. 6. 6 THE GAP BETWEEN THE MOST PRODUCTIVE FIRMS AND THE REST IS GROWING
  7. 7. 7 LEANENTERPRISE
  8. 8. 8 INNOVATIONCHATTER
  9. 9. 9 INTERSECTIONS OF INDUSTRY Big gaps for Business Model Innovation
  10. 10. 10 CONSUMER (Retail) COMMERCE (Financial Services) CONTENT (Media & Publishing) CITIZEN & COMMUNICATES (Govt & NGO’s)
  11. 11. 11 INTERSECTIONS OF DOMAINS Medium gaps for Business Model Innovation
  12. 12. 12 CONSUMER (Retail) COMMERCE (Financial Services) CONTENT (Media & Publishing) CITIZEN & COMMUNICATES (Govt & NGO’s) SUPPLY CHAIN DELIVERY RESTAURANT FOOD
  13. 13. 13 CAPACITY & SUBSCRIPTION MODELS (D2C) ‘spares’ for Business Model Innovation
  14. 14. 14 ECOSYSTEMS & IAAS Big openings for Business Model Innovation
  15. 15. 15 PLATFORMS for Business Model Innovation
  16. 16. 16 Vision without execution is just Hallucination. – Thomas Edison
  17. 17. 17 CLOSINGTHEGAP CATCH UP Disruptors Everyone Else
  18. 18. 18 INNOVATION(TOVALUE)CYCLE Innovation Labs! Intrapreneurship! Geurrilla Clubs!
  19. 19. 19 CLOSINGTHEGAP CATCH UP Disruptors Everyone Else
  20. 20. 20
  21. 21. 21
  22. 22. 22
  23. 23. 23 TECHNOLOGYISNOWTHEBUSINESS Business Tech@Core Tech Tech Business Collaboration Business Tech Led Differentiation Business Supporting Role Tech Tech 3rdIndustrialRevolution 4thIndustrialRevolution
  24. 24. 24 PEOPLE OPEN MINDS STRONG LEADERS DOUBLE Business Model Innovation
  25. 25. Nextfix 1. SELECT A COMPANY $10 2. CHOOSE AN AMOUNT INVESTINSTOCKS 25 0.1121 shares 3. BECOME AN OWNER
  26. 26. 26 OWNERSHIPCHANGESBEHAVIOR +54% +33% +26% +10% +68% +107% Annual Spend Share of Wallet Price Premium Tenure Frequency Of Visits Referrals Source: Bain & Company
  27. 27. 27 OURPRODUCTS Offer employees, customers and partners IPO access at the same price as Wall Street. Social IPO™ Gift stock as a brand-positive promotion to consumers and partners. Stock Rewards™ Offer people connected with your company an easy, fee-free way to buy your stock. Social Stock Plan™
  28. 28. 28 GOAL Transform their IPO into a brand engagement event -- a way of saying “thank you” to those who matter most. SOLUTION Offer employees, consumers and fans access to IPO shares -- at the same price as Wall Street.
  29. 29. 29 REWARDINGPEOPLEWHOMATTERMOST ”While with most IPOs ‘friends and family’ are defined as a few select people, with our IPO, you’re all our friends and family."
  30. 30. 30
  31. 31. 31 PARTINGTHOUGHTS Stock Rewards lets ALL consumers become owners. Ownership is the world’s first behavioral currency. Ownership is the ultimate Like button.
  32. 32. 32
  33. 33. 33 SUCCESSDEPENDSON •  Prioritise based on customer experience – experience matters most •  Metrics that matter – can you measure, are they the right ones for BMI •  The right people and vision – is their an open innovation culture? •  What does your brand say – innovative and an open door? •  The right platforms/technology – can you experiment fast enough? •  Failure is ok – but are you learning •  Time – are your people given time and space to create? •  Can you win the war for talent on Digital and attract entrepeneurs? •  Getting out of the building!
  34. 34. THANKS www.thoughtworks.com/retail 34

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