This document analyzes Dell's business model transition from direct sales to a hybrid model in 2007. It examines Dell's inventory turnover and asset turnover ratios from 2004-2015. The analysis shows Dell's inventory turnover and asset turnover decreased significantly after 2007, indicating less efficient use of assets as sales declined in the PC market. While Dell's ratios are still better than competitors, the data suggests Dell struggled to adapt to changing consumer preferences toward tablets and smartphones.