B2B business models are constantly evolving and adapting to the changing market conditions. One of the recent trends is to leverage your own services or products to create new revenue streams.
Let me give you an example. I work for a software company that provides software tools for generating digital reports. Our software is used by accountants, auditors and financial experts worldwide. However, in the last few years, there has been a shortage of accountants to meet the demand for digital reporting.
One way to address this challenge is to embed AI into our software tools, which can automate some of the tasks and improve the quality and efficiency of the reports. Another way is to actually use our software tools ourselves for end-customers, under the supervision of the accountancy firms we partner with. This way, we can fill the gap of accountants, use our expertise to create the best digital reports and generate more revenue as our product becomes more valuable.
Many of us use AI today to create templates, blogs, basic report, emails and much more.
Generating a digital report is an example of how AI can transform the way we work and create new opportunities. AI is here to stay, and AGI (artificial general intelligence) is not far away. This means that human productivity will increase, but also that some of the older generations may not be able to keep up with the pace of work.
The main driver for this change is the lack of skilled and qualified people in certain sectors.
So, I ask you: can you use your product or service to create a new solution that will help fill the need gap in your sector?
If you can, don't underestimate its value. You may need to hire more staff with different skill sets from abroad, so make sure you price it accordingly.