Innovation And Sustainable Business Development Assignment On The Healthcare Industry

Question

Task: You are required to write a 2000-word report for a novel business proposal you have developed. The business proposal must build upon your value proposition developed in assessment 1 for the existing business or organisation selected in assessment 1. You must use appropriate headings to structure the body of the report.

Your report must demonstrate:

1. Logical and persuasive articulation of: business model description; value proposition development; business operations development; supply chain development; competitive advantage; financial value capture and strategic fit (this includes elements 5 to 10 in the disciplined entrepreneurship canvas by Aulet (2017, p. xviii) and elements 3 to 9 in the business model canvas by Osterwalder and Pigneur (2010, pp. 16-41)).
2. Logical and persuasive argumentation in regard to how assumptions and uncertainties related to: customer desirability; technical feasibility; and financial viability have been addressed to date and how they will be addressed in the future as described in a phased development plan.
3. Logical and persuasive argumentation for the selection of the innovation tools and techniques used to support the report findings and recommendations. These must be beyond the tools and techniques used in assessment 1. Minimum eight (8) additional tools and techniques must be selected from the unit textbooks and online materials.
4. Logical and persuasive application of the selected innovation tools and techniques used to support the report findings and recommendations. These must be different to the tools and techniques used in assessment 1. Minimum eight (8) additional tools and techniques must be applied from the unit textbooks and materials. Illustrations of the tool usage details can be included in the appendix.
5. Candid and critical self-analysis about assessment 2 tasks including: a reflection on the development of personal innovation capabilities and practices; identification of own personal strengths and weaknesses; supported with examples of own behaviour.
6. Clear flow of thought throughout the report with: a convincing executive summary; clear and succinct purpose described in the introduction; relevant structure and content within the body of the report; and a clear and succinct conclusion.
7. Critical review skills and integration of relevant academic and professional literature. A minimum of ten (10) academic and professional references must be used.
8. Appropriate in-text referencing and reference list. Adherence to CQUniversity APA reference style.
9. Clarity of expression, grammar and spelling. Appropriate report format with good use of bullet points, illustrations and figures. Within ±10% of the word limit for report, excluding references and appendices: 2000 words.

Answer

Executive Summary
This business development assignment is based on the issues which are observed in Healthcare industry. The health issues can be resolved with the help of development of suitable technologies and appropriate devices through which the public can monitor the health appropriately. It is highly crucial to focus on requirement of the customers through which appropriate product and technology can be designed through which health warnings can be provided. This will help in reducing the chances of uncertainties associated with health. This business development assignment has description of various tools and techniques through which the findings and recommendations can be achieved successfully. Suitable business model description has been provided through which the structure of the business product development can be observed.

This business development assignment is based on the issues which are observed in Healthcare industry. The health issues can be resolved with the help of development of suitable technologies and appropriate devices through which the public can monitor the health appropriately. It is highly crucial to focus on requirement of the customers through which appropriate product and technology can be designed through which health warnings can be provided. This will help in reducing the chances of uncertainties associated with health. This business development assignment has description of various tools and techniques through which the findings and recommendations can be achieved successfully. Suitable business model description has been provided through which the structure of the business product development can be observed.

Introduction
Health care services have been highly in demand in the market because of the inappropriate health conditions of the public (Herrera, 2016). It has become extremely important to focus on the elements due to which the health of the population is being destroyed. To increase the Healthcare facilities it has become very crucial to innovate certain technologies and devices through which Healthcare collaboration can be observed and major opportunities can be generated for Healthcare services. This business development assignment has necessary elements such as description of the business model, value proposition development, supply chain development, identification of the uncertainties and so on. It will also help in generating more customers with the help of proper planning and suitable strategies.

Business Model Description
The organisation will use customer value proposition model to generate the business product successfully and deliver the benefits of the product to the clients (Appendix 1). Customer value proposition is the business model which is adopted by the organisation through which the benefits of the product can be delivered to the clients and profit margins can be earned. The entire functioning of the business is done according to the customer and their expectations (Sahut & Peris-Ortiz, 2014). Business model is developed to promote the performance of the organisation through which appropriate value can be delivered to the justified customer profile. This model will provide complete information about the game creators and the product offered by the organisation to the right set of customers. This will also help in identifying the jobs, gains and disappointment in the market so that suitable strategies can be designed at the initial phases.

Figure 1 Value proposition
(Source: Feldstein, 2012)

The organisation will use customer value proposition model to generate the business product successfully and deliver the benefits of the product to the clients (Appendix 1). Customer value proposition is the business model which is adopted by the organisation through which the benefits of the product can be delivered to the clients and profit margins can be earned. The entire functioning of the business is done according to the customer and their expectations (Sahut & Peris-Ortiz, 2014). Business model is developed to promote the performance of the organisation through which appropriate value can be delivered to the justified customer profile. This model will provide complete information about the game creators and the product offered by the organisation to the right set of customers. This will also help in identifying the jobs, gains and disappointment in the market so that suitable strategies can be designed at the initial phases.

Value Proposition Development
There are 5 steps for development of the value proposition identified on this business development assignment through which the challenges associated with the project development can be resolved. The first step is to identify the requirement of the customers and currently the customers are requiring appropriate technologies through which Healthcare facilities can be improved. The second step is to identify the features of the product which will provide maximum benefits to the consumers. The third step is to develop the customer value proposition through which the necessary benefits of the Healthcare technologies can be delivered to the clients directly (Herrera, 2016). The fourth step will be to deliver the values of the products which are designed for the health care services. It is essential to promote the benefits of the product to the clients through which they can avail the services and products. The last step is to measure and evaluate the effect of the value proposition which has been generated in the market.

Business Operations Development
Development of business operations is a critical task while preparing the business development assignment and it will require identification of appropriate resources and capabilities. Business operations can only be developed if there are sufficient resources and skilled team members who are collaboratively working for achievement of the targets set by the company. For development of Healthcare technologies trained and experienced human resource professionals required in developing innovative ideas and those who are able to handle technical operations at workplace will be required through which innovative technologies could be designed. Various activities associated with identification of resources such as raw material, manufacturing unit, scaling machines, analysis machines, and market business development assignments and so on will be done. Healthcare departments will have to focus on generating digital marketing plan through which they can deliver the product and services in the market to increase the scale of the business.

Supply chain development
Commitment and Team Building: Supply chain is a systematic flow of services and products designed by the healthcare department. Through effective team management is able achieve the organizational goals The main objective of the supply chain identified on this business development assignment is to increase the bottom line profits and deliver the products and its benefits to the customers who are suffering from health related issues.

End to end visibility:
It is necessary every department has to share necessary details with each other thus all the employees are able to work efficiently. To target the customers business has to interact with the customers directly.

Improve and automate manual business process
With the help of technical process of working all the departments must be interlinked by which they are able to develop effective communication process.

Build efficient business partners
There are number of vendors, legal authorities, manufacturer, marketing agents, manpower, transportation and various other people who are associated with supply chain development (Sittig & Singh, 2015).

Establish teams to monitor the results
HR manager should monitor the process of all the teams thus they are able to rectify all the issues at work place.

Financial Value Capture
Every organisation aims to earn maximum profits so that in future we can innovate and bring new technologies in the market. Once the company or organisation has evaluated the requirement of the customers then it will become easier to develop appropriate technology which will be required by large number of people in the market. The technologies and tools which are being innovated and launched in the market are highly required and the consumer will be willing to pay the specified amount (Pai& Huang, 2011). The organisation will also get support from the associated team members and investors in terms of financial context. On this business development assignment it is identified that organisations need to take commercial business loan from Bank of Australia at interest of 4.99% PA (Bank of Australia, 2019). Low interest rates aid the business to easily achieve the organizational growth.

Competitive Advantage
On this business development assignment, competitive advantage is the major target of development of any product or project. While developing the technologies for healthcare department and services the major competitive advantage which was gained is that the people will be able to receive complete package for health monitoring system so that they can evaluate their health properly (Gale & Brown, 2013). Innovative technologies like ‘Body monitoring application’ to monitors whole body parts at home by which Healthcare warnings can be provided regarding the critical health conditions of the patients. This will help the public to evaluate their health performances so that necessary action can be taken if there is an emergency.

Strategic Fit
This business development assignment proposal is highly compatible for the healthcare department and services because there has been a huge demand in the market for certain technologies and devices through which health monitoring can be done whenever required (Casadesus?Masanell & Zhu, 2013). This will help the organisation to develop national and international marketplace so that more consumers can be attracted and proper description of the technology can be provided to the consumers. It will also help in generating more customers with the help of digital marketing plan.

Identification and Assessment Of Assumptions And Uncertainties

Customer desirability: The consumers of the Healthcare devices and technologies have high expectations regarding the innovation because they are demanding particular products through which they can ascertain the health conditions immediately (Feldstein, 2012). The business development assignment identifies that Customers have high expectations and designers from the technologies which are designed by the Healthcare departments for increasing the Healthcare services and reducing the issues associated with health.

Technical feasibility: Technical feasibility helps in studying the details about the product which is being innovated. Health care department and organisations have used maximum resources such as labour human resources, transportation resources, professionals, technical background and so on to generate the best product in the market. Health care technologies and devices have been designed by inculcating all the technical concepts through which highly beneficial products can be delivered in the market.

Financial viability: The term financial viability means the ability to provide sufficient income through which the operating expenses, payments that commitments can be met (Morabito, 2017). The organisation will observe growth while maintaining all the service levels and availability of funds so that appropriate flow of finance can be observed.

Phased Development Plan To Address Uncertainties
Development of new product might have to undergo certain faces where high amount of uncertainties and issues can be observed due to which the performance of the product development can be hindered. The organisation will have to focus on developmental stages and decision gates through which appropriate strategies can be designed to balance the uncertainties and evaluate them at the initial stages(Appendix 3). The by-product of the new product will also be evaluated and the quality of the by product will be identified so that the maximum benefits can be delivered to the customers. A suitable framework needs to be adopted through which the company will be able to manage the breakthrough Innovation and uncertain situations on the basis of assumptions and experiments (Chesbrough, 2011).

Figure 2 Phase development plan
(Source: Massa & Tucci, 2013)

There are certain steps through which project planning can be done and the following steps are:

• The first step for identification of the uncertain situations is learning plan. In this stage appropriate planning will be done for identification of the uncertainty in the market associated with technical aspects and organisational context.
• The second stage is to discover the driven plan according to which the uncertain situations will be evaluated and scaled on the basis of low and high. The high uncertainties will be resolved initially and on a priority level.
• The third step is to conduct the milestone planning through which the issues can be eliminated and the uncertain situations can be resolved so that the impact of loss can be controlled (Massa& Tucci, 2013).
• The fourth step is stage gate approach where all the uncertain situations associated with technical, market, organisational and resources concepts will be evaluated through which appropriate functioning of the healthcare department can be observed and the product can be developed in the market successfully.
• The last step is operating plan where the decided strategies will be implemented in the operational arena (Rice al. 2008).

Selection of Innovation Tools And Techniques

• Disciplined entrepreneurship Canvas helps in generating appropriate background for conducting the business activities and generating suitable strategies (Casadesus?Masanell, & Zhu, 2013).
• Value proposition Canvas helps in designing the product in such a way that maximum value is delivered to the customers (Appendix 2).
• Business model Canvas is used as a part of innovation tool and technique to support the finding through which the business environment and performance of the business can be evaluated from time to time.
• Business environment map helps in evaluating the market environment and the external and internal forces of the business so that suitable strategies can be formulated.
• Innovation readiness analysis is done to evaluate the innovation which is being conducted by the organisation so that its loopholes can be evaluated and necessary actions can be taken to rectify the mistakes (Baden-Fuller&Haefliger, 2013).
• Customer journey Canvas will be used for identifying the requirements and demands of the customers on the basis of their past experiences so that their experiences can help in evaluating the performance of the product appropriately.
• Porter's five forces will be used to identify the impact of external forces due to which the performance of the organisation can be influenced.
• Value chain analysis will help in delivering the benefits of the product manufactured by the organisation to the customers.

Candid and Critical Self-Analysis

• Critical self-analysis helps in evaluating the performance of the business development assignment successfully through which necessary actions can be taken to rectify the loopholes which are observed. This business development assignment contains all the elements for development of the product and identification of all the elements which are used for influencing the performance of the product (Amit&Zott, 2012).
• Appropriate analysis and techniques have been used to generate business evaluation. This Innovation and sustainable business development assignment is observed with the help of identification of uncertainties and development of assumptions. Appropriate plan has been generated to identify the uncertainties so that necessary actions can be taken to resolve the issues. The strength of this business development assignment is that detailed analysis has been generated through which further procedures can be conducted.

Conclusion and Recommendation

Conclusion: The business development assignment consists of development of sustainable business and innovation through which major benefits can be delivered to the customer base. It includes a detailed explanation of health issues which are observed in the country and the solution is to design suitable technologies and products through which the health issues can be resolved. The expectations and desires of the customers are high and this is why there is an extreme requirement for the development of proper planning and suitable strategies through the market study , value chain analysis, industry analysis which can help in summing up the requirements of the customers and then planning for meeting their demand. The analysis specifies all the necessary changes that can be introduced in the healthcare sector to meet the issues pertaining in the industry. The value proposition model helped to generate the business product successfully as well as deliver the benefits to the clients

Recommendation:

• On this business development assignment, Appropriate interaction with the Healthcare professionals should be done to identify the performance of the healthcare department so that their experiences can be noticed for analysis of the innovation.
• Individual interview should be done with the people suffering from health issues to identify the requirements so that appropriate innovation can be done in the technology.
• The primary focus should be on development of new technology through which the warning can be provided for health monitoring systems.

Reference List
Amit, R., &Zott, C. (2012). Creating value through business model innovation. 2012. Baden-Fuller, C., &Haefliger, S. (2013). Business models and technological innovation. Long range planning, 46(6), 419-426.

Bank of Australia (2019). Loan interest rates . Retrieved from https://www.bankaust.com.au/business-and-community/borrow/business-loans/commercial-loan/

Casadesus?Masanell, R., & Zhu, F. (2013). Business model innovation and competitive imitation: The case of sponsor?based business models. Strategic management journal, 34(4), 464-482.

Chesbrough, H. (2011). Open services innovation: Rethinking your business to grow and compete in a new era. John Wiley & Sons.

Feldstein, P. J. (2012). Health care economics. Cengage Learning.

Gale, W. G., & Brown, S. (2013). Small business, innovation, and tax policy: A review. Innovation, and Tax Policy: A Review (April 8, 2013).

Herrera, M. E. B. (2016). Innovation for impact: Business innovation for inclusive growth. Journal of Business Research, 69(5), 1725-1730.

Massa, L., & Tucci, C. L. (2013). Business model innovation. The Oxford handbook of innovation management, 20(18), 420-441.

Morabito, V. (2017). Business innovation through blockchain. Cham: Springer International Publishing.

Pai, F. Y., & Huang, K. I. (2011). Applying the technology acceptance model to the introduction of healthcare information systems. business development assignment. Technological Forecasting and Social Change, 78(4), 650-660.

Remley, T. P., & Herlihy, B. (2014). Ethical, legal, and professional issues in counseling. Upper Saddle River, NJ: Pearson.

Rice, M. P., O’Connor, G. C., &Pierantozzi, R. (2008). Implementing a learning plan to counter project uncertainty. Sloan Management Review, 25, 1-13.

Sahut, J. M., & Peris-Ortiz, M. (2014). Small business, innovation, and entrepreneurship. Small Business Economics, 42(4), 663-668.

Sittig, D. F., & Singh, H. (2015). A new socio-technical model for studying health information technology in complex adaptive healthcare systems. In Cognitive informatics for biomedicine, business development assignment (pp. 59-80). Springer, Cham.

Appendix 1
Business model canvas:

Appendix 2
Usage of tools and techniques

• Disciplined entrepreneurship Canvas consists of various elements through which the business idea can be evaluated and analysed in detail. This helps in developing the structure of the business development assignment and plan through which the business product can be developed and launched in the market. This will help in conducting proper analysis of the background of the business and the market in which the product will be introduced.
• Value proposition Canvas has certain elements according to which the value and benefit of the product is identified. It will help in identifying the performance of the product and it will also focus on evaluating certain changes through which the product can be promoted in the market.
• Business model Canvas helps in in introducing appropriate technique to the business development assignment so that the minute details of the project can be identified. It will help in structuring the business development assignment in the most suitable way so that appropriate presentation can be generated.
• Business environment mapping helps in creating appropriate structure of the internal and external forces due to which the performance of the product can be fluctuated. It is designed to evaluate the future of the product in the market.
• Innovation readiness analysis helps in providing a shape to the business development assignment and specifying all the necessary changes which are introduced in the product to meet the problems in the market.
• Customer journey Canvas and value chain analysis is done to evaluate the requirement of the customers and provide them with suitable product so that more profits can be earned. With the help of these two techniques the performance of the product can be evaluated in prior.
• Porter’s five forces model helps in identifying the five factors which can influence the performance of the product in the market. It also helps in eliminating negative impact of the external environment due to which the product failure can be observed on the business development assignment research.

Appendix 3
Uncertainties