Exponential business models are the future of global business innovation, and rightly so! The business model is garnering more attention, with its popularity soaring to new heights with each passing day. Just as vertical integration was a cutting–edge solution popular among businesses in the past, exponential organizations are the new trend for business growth and success nowadays.
The modern-day business leaders have now put the stakes of their success on the exponential business model. Factors like agility and leanness are becoming the center of attention for most organizations and business leaders. As the market competitiveness continues to grow increasingly, businesses are trying hard to keep up. The fear of being left behind in the race to ace the digital innovative solutions has reached an all-time high.
Even tech giants and established business leaders are scrambling to adopt innovative technologies to stay relevant and grow. In the past two years – during the COVID-19 pandemic – many businesses became exponential organizations. The only difference is that many were unaware of this drastic change. Rather than operating on values like rivalry, competition, and self-interest, businesses are now actively trying to redefine the organizational landscape, gravitating more towards values like empathy, compassion, and kindness.
However, adopting a new business model takes a lot of time, effort, and hard work. It’s not something bossiness can achieve overnight. Businesses must work with IoT solutions and consulting services providers to make the most of this shift. An industry expert like Vates can help you leverage the benefits of embracing the exponential business model and drive your business to new levels of success and prosperity.
Furthermore, this blog will explain why you should switch your business model to exponential. Keep reading to explore everything you should know about exponential organizations.
What is an Exponential Organization?
The concept of exponential organizations was pretty novel until Ismail, Michael S. Malone, and Yuri van Geest introduced and explained it in their 2014 book “Exponential Organizations: Why New Organizations Are Ten Times Better, Faster, Cheaper Than Yours (and What to Do About It).”
For years, linear organizations have operated on the concept that resources are limited, and they have to make do with what they have. Exponential organizations, on the other hand, operate on the concept of abundance in all aspects.
Exponential organizations leverage the power of data, algorithms, remote staff, social technologies, community insight, rapid experimentation, innovative interfaces, artificial intelligence, and governance autonomy, among others. Most organizations have already adopted one or more of these tools during the pandemic, and with its many benefits coming to light, they are on the way to adopting many more.
However, some were more successful than others, which is why businesses must consult with a big data company like Vates before they adopt a new business model they have no experience with.
The highlight of an exponential organization, referred to as ExO, is that it offers excessively high returns, at least tenfold of what linear organizations offer. This is because the business model uses evolved organizational methods that employ accelerating technologies.
Why Go for An Exponential Business Model?
The term exponential means leveraging abundance. As businesses gravitate towards many, as opposed to few, the returns also multiply at a faster rate—the business’ underlying value proposition skyrockets like everything else.
In the past, business operations revolved around the concept of scalability. However, the concept of scalability is far too vague. It doesn’t address the major concern of many leaders in the business world, which is why some organizations can meet excessive demands and some can’t. This is where the exponential business model comes into action.
As the world becomes more technology-driven, the concept and scope of linear organizations are obsolete. You can achieve much more with exponential business practices in a shorter period. You can leverage all kinds of innovative digital tools, helping your business grow and evolve. Most importantly, you will aim for higher retunes, efficiently outpacing your competitors.
Additionally, your business will be able to grasp the full potential of today’s digitized business economy, which is currently taking center stage in the business world.
Exponential organizations are the future of business growth and success. Not only does it help you remain competitive and relevant, but it also helps you increase returns and work more closely with digital tools that you can leverage.
However, you must remember that exponential growth is more of a mindset than a business model you can adopt. It’s a choice that businesses must make to thrive and prosper in the future.
Vates: Your Ultimate Software Integration Services Company
Vates offers big data consulting and solution services to help you harness the true power of the exponential business model, taking your business to new heights. We have extensively invested in our teams to help businesses adopt new technologies and navigate the complexities surrounding the exponential business model. Plus, we have substantial experience in Artificial Intelligence (AI) and machine learning, helping businesses adapt quickly to the evolving IT trends.
Vates works to provide you with well-versed IT solutions, helping you make smart decisions. Our experts will comprehensively analyze your existing IT infrastructure and recommend personalized solutions that improve processes and streamline operations.
Apart from software testing, we also provide big data consulting services, system integration services, Jira service management, agile software development, and IoT solutions & consulting services. Our goal is to be an industry leader in innovation and help our clients with modern technologies.
So what are you waiting for? Visit our website to learn more about our services or contact us for more information.