Power List 2020 – Sona Comstar

The key to continually revamping the business model is to have a break through mindset in the organisation. It is essential that this is built into the culture
and the DNA of the organisation.

Breakthroughs happen not only in product development, however also in processes. Every industry today is more disruptive than it has ever been. To keep
the competitive advantage companies must learn to innovate and keep with the changing customer requirements and the change in regulations.

Take the automotive industry for example: over a short period of time the industry has completely changed from the aspiration of ownership to a shared model based on capacity utilisation. As we move forward we will see level 4 autonomous driving become a reality sooner than we know it, and this will
change the entire eco system. Hence, it is essential that a business continues to look inside as well as outside (the outside environment) and proactively make
the required changes.

When looking at large scale innovations it is important to note that innovation is not limited to product and processes alone. Companies that have grown and survived have innovated their business models and thinking. Amazon is a great example of a large scale innovation. It has evolved from the early days of selling books on-line to a company that sells almost everything for daily needs. They believed in the business model of delivering to the door step and innovated their business to cater to the needs of their customers.