Business models – How to manage the time dimension

02/02/2023 Article
profile picture of Fatih Ogun

Fatih Ogun

Akbank

Head of Strategy

Considering the ever-changing business world we are living in, understanding business models and defining new ones are the new business-as-usual activities. We are seeing a series of rapidly growing startups with business models evolving around new technologies and use cases. To adapt to this fast moving business environment, creating solid reference points for measuring progress is increasingly important. 

When it comes to business models, there are many different ways to depict the model and its constituent components. One well-known method is the business canvas structure, in which we are able to define the key pillars of a business model including cost structure, revenue streams, customer segments, key activities, key resources, partners, channels and value propositions. These pillars enable us to define different key parts of the business and also enable us to see how they interact and if there is anything out of place in the model. When you put them on a page, it gives you a bird’s-eye view of what the business is doing or what it aims to do.

In many business model studies, there is one critical element that is often overlooked, which is the time dimension. Whether you are creating a new business model structure from scratch or updating an existing one, the time dimension is often considered an implicit variable in the model, which will be addressed in subsequent periods depending on market developments. However, in today’s fast changing environment, it is important to focus on the time dimension and address it as a separate variable affecting how the business model evolves.

Want to keep reading?

Create a web account to get access to more insights

Related news & insights

Digital Reinvention
22/04/2024 Interview

Driving innovation in e-commerce payments: a conversation with mBank's award-winning leaders

Polish bank mBank won bronze in the Operational Efficiency category at the Qorus Reinvention Awards – Europe 2024 for ‘Conversion-Boosting...

Digital Reinvention
19/04/2024 Video

How NF Innova's FINTENSE enables banks digital leadership

Milan Pištalo, Sales & Operations Director at NF Innova, presents FINTENSE, a solution that transforms banks into digital leaders and...

Digital Reinvention
16/04/2024 Video

OTP Banka Srbija's digital transformation with NF Innova

Vuk Kosovak, Head of Retail and Executive Board Member at OTP Banka Srbija, explains how the bank has transformed into...

Digital Reinvention
14/04/2024 News

NAB app streamlines online shopping with PayPal integration

This pioneering feature, a first in Australia, enables NAB users to effortlessly add and manage their preferred payment cards directly...

Digital Reinvention
13/04/2024 News

UK property market leaders collaborate to revolutionize home buying

Lloyds Banking Group, Nationwide, NatWest, and Rightmove have united in a strategic investment in Coadjute, a London-based property technology firm....

Digital Reinvention
11/04/2024 Interview

Banca Widiba takes gold: Transforming financial advisory teams with innovative approach

Banca Widiba snagged the New Ways of Working gold award for ‘The Financial Advisors Team’ at the Qorus Reinvention Awards...

Digital Reinvention
11/04/2024 News

Santander brings Openbank, Europe's leading digital bank, to the US

Scheduled for launch in late 2024, Openbank's success in Europe, serving over two million customers with its user-friendly platform, foreshadows...

Digital Reinvention
10/04/2024 Article

7 lessons learnt from the Indian market

What do young fintech startups need to know to avoid unpleasant surprises after entering this promising market? Having launched an...