The Business Model Transformation Framework Using Design Science Approach

Abstract

A good business model is a core component of any business to be successful whether it’s a startup or an established company. However, it is realized that most of the businesses do not give enough consideration to re-invent their business model in line with the ever-changing environment. This led them to be an unsustainable business and in turn they become a failure over time. Business model should be considered equal to that of scientific methods, which needs to be constantly tested against the given hypothesis and revised according to the changing needs. Also, there is a strong need and the responsibility of the business owners to clearly communicate their business model to their employees. It is often proved that employees who are valued and made felt like being part of a bigger purpose have contributed massively to their business success. Thus, it is very important to draft and communicate an easily understandable business model to all of the company's employees. This study is aimed at creating a business model transformation framework using design science approach. This study was inspired by the various existing work around develo** variants of business model canvas using design science approach. For the purpose of this study the employees from a reputed UK based asset management firm have participated in a focused workshop to create, develop and evaluate the research artefact.