Business Modeling does not appear to be within the portfolio of Strategic Management in many companies, even though all companies have a "Business Model" they rely on, for their continued existence.
One exception seem to be the Finance sector. In the world of Wall Street high finances, lots of physicists are engaged in Financial Modeling.
Many of us would readily concur with the All Abstractions Lie statement, but to dismiss the utility of something that is obviously flawed can be worse. It is like dismissing weather reports altogether because they are often wrong.
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The real question is ..., and how useful is it regardless of its validity
Sourced from www.derivativesstrategy.com 
(Broken Link 2005-08-24)
Thinking Out Loud Re "Edit Hint: Merge with Business Systems Analysis"
Business Modeling may have nothing to do with Business Systems Analysis
The connection between Business Modeling and Business Systems Analysis is minor. Quite often a successful Business Systems Analysis exercise can be performed without Business Modeling, which is generally taken as an exercise used in Business Process Management projects, where Systems Thinking skills can help in the creation/modification of Business Processes that are better linked to Business Value identified through Strategic Management initiatives. Business Systems Analysis is often linked to Application Development initiatives.
Your say??
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Resources related to Business Modeling
Currently the Next Big Thing in Business Modeling is through this Business Process Modeling Notation (BPMN) technique, some "visionaries" have been blogging about the demise of Business Process Execution Language in early 2006.
Another technique, with less connection to the realm of Computing, did the Value Stream Mapping (did the Value Stream concept predate VSM technique?).
Resources
Categorization of Strategy Development approaches (10) originated from the Sloan School at www.1000ventures.com
See original on c2.com