Business Models Comparison: Bet365 and WorkSmart
A business plan should be aimed at ensuring successful business operations by identifying target customers, sources of revenue, sources of financing and deliverables (Products and services). In essence, it is an outline of how key business drivers fit together as a common unit. A business model helps an organization to deliver value economically, socially and in other contexts. This paper compares business models of two companies (BET365 and WorkSmart) and their role in the success of these companies.
Bet365
Bet365 is one of the leading companies in the betting industry. The company is registered in the United Kingdom but has a presence over 200 countries internationally. It currently employs more than one thousand staff, processing over four hundred bet transactions per week. The company was created through a merger between Black House Racing and Provincial racing. It is established as a bookmaker agency with interests in different sports options such as soccer, casino, racing, and poker. However, much of the companies bet transactions are completed online through its web portal that is readily available in 14 different languages.
Technologies and Platforms
Firstly, bet365 uses functional programming language rather than procedural programming language for its systems build, specifically, Erlang. Erlang has allowed bet365 to deal with systems issues such as scalability, reliability, and simplicity. As such, the company has been able to develop a Cash-out product that allows players to complete bets before an event is over. It was also used to facilitate the company’s database migration to `NoSQL’ (Pilling and Barnett, 2012). It supports payment platforms such as UKcah, POLi, Skrill, cheque deposits, wire transfer, bank transfer, Entropay, credit cards and debit cards. Customers can use these platforms to deposit money and to cash-out their winnings. In addition to offering real-time odd calculations for live betting customers, the website includes live video streaming for select games. This provides live entertainment during live betting. However, it is surprising that the company has not yet embraced cloud storage technology. This is because its database is still hosted in its own servers and data centers instead of the cloud.
WorkSmart
Worksmart is a financial consultancy company based in the United Kingdom. The company mainly concentrates in the wired telecommunications activities Incorporated in the year 1998, the company has been in operation for over 20 years. It has been a major player in the revolution of telecommunications technology in the United Kingdom.
Technologies and platforms
Unlike Bet365, Worksmart website is cloud-based. The software and business service that is required by both SMEs and Large companies have continued to evolve over the years. Worksmart has been working towards a more decentralized network system design that allows business to be more digitized and create better relationships with third parties. More WorkSmart has been able to shift its focus and additional investments to a more digitized landscape. The success and growth of the company can be attributed to the adoption of digital platforms such as IaaS (Infrastructure as a Service) and Paas (Platform-as-a-Service) (Doganova and Eyquem- Renault, 2009). Essentially the company has seen positive financial results out of its willingness to adopt platform strategies and risking additional capital to move to new digital offerings. Looking further, the company aims at extending its tendrils into the global market through innovative technology such as the Internet of Things (IoT) and blockchain technology. Such technologies are impacting all sectors of the economy especially with regard to cybersecurity. Worksmart is also compatible with other digital communications platforms such as google+, facebook, twitter, snapchat among others.
Comparison of Business Models
Bet365 is a bet brokerage firm. It calculates odds on behalf of their members and a wide variety of markets to choose from. It would be difficult for some people to be able to calculate odds and track events to bet on. The company, therefore, acts as the middle man between the better and the bookie during placing of bets. The main activities include bringing betters and bookies together and facilitates their transactions at a fee. The fee may vary. The company can be referred to as an e-business as it is web hosted and most of its transactions are completed online. Similarly, Worksmart is also hosted online. However, it is business products are different. It deals with offering product and service both online and offline. The company’s reference as an e-business platform is in relation to its presence online. Majority of client communications and correspondences are handled online except where physical installations have to be done. The business model represented by Worksmart is also a brokerage business model. This is because it looks for information technology business models on behalf of clients at a fee. However, WorkSmart offers brokerage services to inform of a virtual market place. For instance, it hosts a service for online customers where they can either request service or download service. Most of the transactions are automated. This allows customers to choose services they require compare prices and then request services.
Impact of Technologies and Strategies on Service and Product Delivery
For betting companies such as bet365 and Consultancy forms like Worksmart, the volumes of business and potential for profitability depends on the speed of electronic transactions in real-time. Where a company is able to achieve a high volume of transactions that are completed quickly in real-time, it is able to gain a competitive advantage over its competitors (Mäkelä, O., & Pirhonen, 2011). The major difference between them being industry and the consultancy business is that the betting industry is changing more rapidly than in consultancy. The level of change may not be the same but the outcome is relatively similar. The challenge across both industries is the ability to process more data and information quickly. Both companies have been able to successfully take advantage of emerging technologies such as agile software development to create better and more responsive systems. The use of latest technology has also helped both companies to attract the best-skilled labor in the market increasing expertise and service delivery.
Bet365 Business Model Canvas analysis
Worksmart Business Canvas Analysis
Conclusion
The business model canvas analysis provides business owners with a language for explaining their type of business. It is an important tool in business management as it provides an idea about the organization of the business. It is, in a business view a good starting point for planning, designing and creating an overview for the organization. Although it helps to identify key aspects such as revenue streams and business costs, it fails to consider the aspect of competition and the effects of the external environment on the business. However, the business model analysis is a powerful tool for businesses that want to succeed in a competitive business environment.
References
Doganova, L., & Eyquem-Renault, M. (2009). What do business models do?: Innovation devices in technology entrepreneurship. Research Policy, 38(10), 1559-1570.
Mäkelä, O., & Pirhonen, V. (2011, September). The business model as a tool for improving value creation in complex private service system-case: Value network of electric mobility. In XXI. International RESER Conference” productivity of Services Nextgen-Beyond Output/Input Proceedings.
Pilling, L., & Bartlett, W. (2012). The Internet gambling industry. International handbook of Internet gambling, 46-58.