This is a new format of FourWeekMBA. Once in a while we invite founders or team members of great business tools out there to describe and guide us through the use of their products. In this article, Pedro Trillo, founder fo Vizologi will give us an in-depth overview of the tool and what you can do with that!
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It seems obvious, but we are in a change of era, we are not talking about a digital transformation that comes from technological developments.
We are talking about profound changes that are taking place within society.
When communicating, when working, when it comes to relating, when doing business. Everything is changing!
Pointing to the reference in Larry Keeley’s book, “Ten types of innovation,” there are three main modules within the activity of a company where change can be measured.
The first refers to configuration, the second to product proposal or service, and the third to customer experience.
It should be noted that by the trend when we talk about innovation in a company, all the effort is concentrated in product development.
Logically, a large part of the investments are dedicated to the development and innovation of the product or service.
When in fact the practice demonstrates the opposite, for each dollar that is invested in the innovation of the business model, configuration and strategy, the ROI received increases between 4 and 5 times the initial investment.
On the opposite, the returns of significant investments in product innovations are barely offset.
Then try to invest time and some money in the evolution of your business model, rather than focus only on the development of the product, it will be the key to success.
What is Vizologi? More than a business model generation tool
Vizologi is a technological start-up dedicated to market intelligence and the design of business models. They develop technology based on “Data Science” through an online tool, in which, based on combinations of successful business strategies, you can create a unique and differential business model.
Vision: Inspire business models not yet written.
Mission: Positive global impact through the free access and democratization of business strategy knowledge for any citizen of the world.
What is the value proposition of the business model innovation tool?
Vizologi is composed of two differentiated blocks, on the one hand, the website https://vizologi.com that came to light on October 17, 2017, which offers access to a free marketplace of more than a thousand different companies, including Fortune 500, the most innovative companies, according to MIT, and many cases of successful start-ups.
On the other hand, there is the first release of the web app called Vizo, a business market intelligence tool, which includes a strategic business model builder.
In the medium and long term, it points to a roadmap that links with machine learning mechanisms, as well as cognitive processes of generative Artificial Intelligence.
Who are the users of the business model generation tool?
The web application covers different targets and audiences.
Business analysts, innovation consultants, and business strategists, to help them in market research, as well as the generation of new business lines.
Business school students, to help them in the strategic evaluation of the market environment, the process of making deliverables of their business project (Canvas, SWOT, Forecast, etc.), consultation tool, business strategy, and resolution for exercises.
Entrepreneurs, to help them in the definition, validation, and creation of the business model.
Universities, as a business intelligence tool within the education environment.
Students participate effectively in the market launch of a technological tool, acquiring practical and applicable knowledge in their future companies and projects.
In the same way, they will develop innovation process skills with the application of the lean start-up methodology.
Companies and startups such as Autodesk or Square use the business model tool to identify trends, anticipate changes in the market, and create new unique and creative value propositions.
How does this business model tool work?
The workflow to follow in the web application follows three logical steps.
The first refers to the exploration of the data of the tool in which the strategic information of companies is accessed.
The second to the discovery of innovative business models that inspire, and finally, the third step refers to the construction and combination from different companies to create a unique and creative business model.
Exploration
An immersive experience where you interact with data about markets and business intelligence.
Discovery
As soon as you acquire the knowledge about the different business strategies, you will discover new insights.
Combination
Once checked the different business models and companies that are inspiring you, you will be able to create a new project based on the companies that inspired you.
Transforming these business models and combining the information, you will achieve a unique and creative business model.
Product Overview – More than a business model analysis tool.
Premium data:
The dataset is composed of more than 1500 companies, including the Fortune 500, the most innovative companies, according to MIT lists, and many cases of start-ups.
Cognition as a Service:
A neural network with premium data from companies belonging to 47 different sectors, intertwined with more than 200 different business models, graph theory, market interconnection, and pattern recognition using Machine Learning technics in the context of Data Science and Data visualization.
The neural network is designed to offer answers to strategic market questions such as:
How many industry sectors is the subscription business model applied?
What is the most popular and busy business pattern? What is the trend with proven market companies and successful business models?
What is the impact of Blockchain companies concerning traditional Banking?
How is Big Data being applied in the Agriculture sector?
How many Fortune 500 companies have the Open Innovation process implemented? How do they apply it, and what channels do they use?
How are Chinese conglomerate companies organized to close a circular economy?
What degree of digitalization do insurance companies have under a Global point of view?
In how many sectors have the so-called Sharing economy been applied? Where are the opportunities to expand this disruptive new pattern?
What new business models have appeared in the last ten years?
What is the oldest business pattern in recent history?
How has it been reinvented digitally? What is the difference between Sotheby and eBay?
What has happened observing the timeline of the last 50 years in the retail sector?
Data analytics:
The data analytics tool serves to study trends in the market, as well as to investigate which are the most popular and low-risk business models in a given industrial category.
With this information, the user can analyze and understand where the market gaps are so that a disruption occurs.
Search engine & filters:
Through an efficient and straightforward search engine, you can search for information using search terms such as blockchain, retail, fintech, farming, education, bicycle, and so on.
Filters help to select data and sort content.
There are six different filter categories, by sector, by 47 different industry categories, by 200 different business model patterns, by 18 world regions, and also by date and by company name.
Playlists creation:
As soon as you start exploring the business strategy information of the companies that include vizologi, the need will appear to save the companies that you like most in a list.
Then the functionality of creating lists, allows you to save companies within these lists, later you can access these listings at any time to check the content.
On the other hand, you can use the lists when you open a project.
Portfolio management:
Manage your project innovation portfolio, create different projects in which you are working with the different innovation lines of your company.
Design different business model options for the same project of your startup company, test and modify the different options.
Business model generation tool:
Create a business model canvas online, vizologi includes a constructor module where you can edit, modify, or delete the post-its of the nine modules of your canvas.
Following in logical order to fill in the data of the business model canvas online, start by:
Business model canvas template
1st Customer segments:
Study and analyze very well what your customer profile is going to be. Who are you going to offer in value, what are your problems, what kind of tasks you do in your day to day, in what context your client lives and works.
2nd Value Proposition:
Define what is the problem of your client that you are fixing.
Consequently, create and develop the solution to the identified problem, create that differential value for which your client will pay.
3rd Distribution Channels:
Think about what media you are going to use to reach your customers, where you are going to find them, how you are going to offer them those first contacts, through which platforms you are going to communicate.
4th Customer Relationships:
Evaluate how the relationship with your client will be, what type of link you will create between the value that your company offers to your final customers, what type of contacts are going to be made and how communication will develop with the client.
5th Key Activities:
Lists the main tasks that have to be performed in the company, from the most general to the most specific, think about sales, human resources, marketing, operations, IT, customer service.
6th Key Resources:
Identify which are the main resources you need in the company to be able to offer the value proposition to your clients, human resources, technical resources, physical resources, virtual resources, etc.
7th Key Partners:
Think about who you will need to develop your value proposition, which are the main agents involved in the success of your business.
Who has to help you to build and deliver your company’s products and services?
8th Cost Structure:
Analyze what your cost structure is going to be, identify the fixed costs, and anticipate the variable costs, as long as you take into account the taxes to be paid in your country.
9th Revenue streams:
Confirm how you are going to monetize the value proposition of your business model.
Where the cash flows are going to enter, what are the different ways of converting your value into money.
SWOT analysis:
Think about the strengths of your business model, which is what differentiates you from others.
Analyze the opportunities that are presented in the market, take into account the weaknesses that your business has and how they can attack your competition.
Finally, think about threats that are presented in the market, make the forecast that risks can endanger your business.
Exportation and sharing:
Create business strategy reports, download your business model canvas or your SWOT, and finally export your innovation portfolio projects, using the look of the infographic & feel or directly in PowerPoint format PPTX.
Other business resources:
- What Is a Business Model? 30 Successful Types of Business Models You Need to Know
- The Complete Guide To Business Development
- Business Strategy: Definition, Examples, And Case Studies
- What Is a Business Model Canvas? Business Model Canvas Explained
- Blitzscaling Business Model Innovation Canvas In A Nutshell
- What Is a Value Proposition? Value Proposition Canvas Explained
- What Is a Lean Startup Canvas? Lean Startup Canvas Explained
- What Is Market Segmentation? the Ultimate Guide to Market Segmentation
- Marketing Strategy: Definition, Types, And Examples
- Marketing vs. Sales: How to Use Sales Processes to Grow Your Business
- How To Write A Mission Statement
- What is Growth Hacking?
- Growth Hacking Canvas: A Glance At The Tools To Generate Growth Ideas
The post Vizologi: A Business Model Tool To Enhance Your Business Strategy appeared first on FourWeekMBA.
