Business Model Of Planet Innovation Essay

Question:

Discuss about the Business Model of Planet Innovation.

Answer:

Planet Innovation:

Planet Innovation is one of the major health organizations in Australia, which produces the medical test products for diagnosis of the patients. The organization has transformed itself and introduced rapid and vast innovation in the organization. The organization manufactures innovative devices for the medical identification of the disease. Planet Innovation provides cost effective products to their customer in order to achieve the best place in the market (Langsdon et al. 2017). Many sources have identified the organization as one of the best in the health service industry. It is clearly seen from the growth of the company that it has determined competitive strategic movement for the same.

Discussion:

The organization has been ranked in the first place in Australia in terms of innovation in business. Indeed the organization has taken innovative strategic moves to conquer the market. The strategic innovation includes the accessing of new business opportunity by thorough research on the market and the potential consumers. The next strategic innovation followed by the organization is to clarify the new innovative business model to every level in the organization and generating new ideas from the intrapreneur within the organization (Bocken et al. 2014). In the final stage, the company has implemented the business model through the innovative strategies. The company follows the stages of business model innovation with a close assessment of the CAGE framework (cultural, administrative, geographical and economical) for meeting the objectives of their business. The business model of Planet Innovation is based on the commercial success in the present market of health industry (Lehoux et al. 2014). The customer as well as the whole market requires new technological enhancement in the products for the medical service. The company has accordingly designed and implemented their business strategies to capture the market of the health industry.

The company has designed their business model to flexible and commercial. This is in fact the unique value of the company to make their business model flexible, and not rigid. The business model design is made such a way that helps the company to implement their strategies without any disruption. One of the major factors of implementing the strategies is by ensuring the resources and capabilities of the organization, which can enable the company to develop their new business ideas to execution. The capabilities of the organization are the industrial designing of the product, innovative mechanical engineering, managing the quality of the deliverable products, software and electronic engineering and so on. The resources the company has in achieving the success are the specialized entrepreneurial team and the innovative technologies for the value propositions of the products (Farla et al. 2012). It is not only the innovative business model and the strategies that has achieved the effective result for the organization, but also the inclusive and deep vision of the business personnel of the organization included into this. The company by following their business model strategies has been able to spread the business in the global market. The company has proven that designing and following the right business model and the innovative strategies can elevate a mere service providing company to the top in the specific industrial market and sustainability of the same (Beckmann, Hielscher and Pies 2014).

Commonwealth Bank of Australia:

Commonwealth Bank of Australia is the most successful organization in Australia in the finance industry. The organization has proved itself the best by identifying the customer issues and the demand and implementing its strategic plan accordingly (www.commbank.com.au 2017). The organization has adopted innovative business model in order to implement the strategies. Remarkable growth of the organization has been noticed in the market, which has made the organization to hold the prior position in the finance industry. The innovative and unique business model and according strategic planning has proved the excellence of the organization in the finance industry as well as in the global market.

Discussion:

Commonwealth Bank of Australia follows their own innovative business model to plan their strategies in the market of finance industry. The organization has adopted the Oslo Manual, which has helped them to collect data and information on the innovation activities in the specific industry (www.commbank.com.au 2017). The collection of data has helped the company to understand the present and potential market trends and plan their business strategies accordingly. Following the manual has provided the organization interpretative guidance on constituting the innovation area. The business model of the bank has kept innovation at every level of their marketing strategies from implementing the software for easy access of customer to commercialization of the business (Weill and Woerner 2013). The organization has adopted the four dimensions of the innovative business model, which includes product innovation, process innovation, organizational innovation and marketing innovation. Apart from implementing the strategies in the business, the company has also spread their strategic approach inside the organization in order to execute the innovative business model properly. Strategic approaches like network building, proper value proposition of the product and service, intrapreneurship inside the organization has opened new marketing and growth opportunities for the organization. CSR activities for supporting and elevating the underprivileged community is also one of the strategic movement of the organization that proves the excellence of the company.

Apart from adopting the innovative business model the organization has also been actively monitoring the proper implementation of the plan. The company has been improving their manpower resources by investing and empowering their employees, which is undoubtedly helping the organization to receive competitive advantages in the market. The strategies of the Commonwealth Bank of Australia focus on the key priorities of the organization to elevate the business performance for ensuring the growth of the same. The prime focal point of the organization is the better customer service, operational and technological excellence, business banking and the team spirit. The company believes that their advanced manpower resources and technologies will help them to achieve the business model innovation which will ensure the business growth of the company. Not only the bank has its own business strategies to conquer the financial market, but the also the company has been collaborating with the smaller companies in order to build a strong network across the nation as well as international market. No doubt the innovative strategic approach and the implementation of the business model has led the organization to provide the excellent business service (Schlagwein, Thorogood and Willcocks 2014).

References:

Beckmann, M., Hielscher, S. and Pies, I., 2014. Commitment strategies for sustainability: how business firms can transform trade?offs into win–win outcomes. Business Strategy and the Environment, 23(1), pp.18-37.

Bocken, N.M.P., Short, S.W., Rana, P. and Evans, S., 2014. A literature and practice review to develop sustainable business model archetypes. Journal of cleaner production, 65, pp.42-56.

Farla, J., Markard, J., Raven, R. and Coenen, L., 2012. Sustainability transitions in the making: A closer look at actors, strategies and resources. Technological forecasting and social change, 79(6), pp.991-998.

Langsdon, R., Langsdon, R., Langsdon, R., Vom, E., Joffe, M., Dopheide, S., Langsdon, R., Langsdon, R., Joffe, M., Druce, B., Langsdon, R., Elliott, S., Langsdon, R., Langsdon, R., Langsdon, R., Langsdon, R., Langsdon, R., Langsdon, R., Langsdon, R., Langsdon, R., Elliott, S., Druce, B., Langsdon, R., Langsdon, R., Langsdon, R. and Langsdon, R. (2017). Planet Innovation | Strategic Innovation, Advanced Product Development & Commercialization. [online] Planet Innovation. Available at: [Accessed 19 Aug. 2017].

Lehoux, P., Daudelin, G., Williams-Jones, B., Denis, J.L. and Longo, C., 2014. How do business model and health technology design influence each other? Insights from a longitudinal case study of three academic spin-offs. Research Policy, 43(6), pp.1025-1038.

Schlagwein, D., Thorogood, A. and Willcocks, L.P., 2014. How Commonwealth Bank of Australia Gained Benefits Using a Standards-Based, Multi-Provider Cloud Model. MIS Quarterly Executive, 13(4).

Weill, P. and Woerner, S.L., 2013. Optimizing your digital business model. MIT Sloan Management Review, 54(3), p.71.

www.commbank.com.au, 2017. [online] Available at: [Accessed 19 Aug. 2017].

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