Innovation and Sustainable Business Development

Running head: INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
Innovation and Sustainable Business Development
Name of Student
Name of University
Author Note

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INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
Introduction
Business innovation is needed in the modern world so that organisations can remain
competitive and hope for expansion. Maintaining a business canvas model can help
organisations understand the innovation required for the success of a business. The essay
provides an overview of the importance of business canvas and the manner in which it can
help a company like Commonwealth Bank of Australia. The Commonwealth Bank of
Australia is one of the most reputed banks in the country consisting of over 1100 branches
across Australia as well as New Zealand. The bank was set up in 1911 and in 1991; it attained
a unique distinction of being made a public company (Commbank.com.au, 2018).
Discussion of the business model for Commonwealth Bank
The application of a business model can help organisations to maintain and formulate
strategic decisions. It can help an organisation to improve its operations and ensure that the
decisions taken are aligned with the objectives of the company (de Jong & van Dijk, 2015).
For the Commonwealth Bank of Australia, it can implement the business model canvas to
understand the revenue that it generates form the market. It can analyse the external as well
as the internal factors that affect the market and the manner in which these can be used to
maintain the dominance in the competing business market of Australia. In this case, the
competitors of Commonwealth Bank such as the ANZ bank can be analysed to undertake
strategic management.
At the same time, it can be said that business organisations may look to avail the
disruption technique to understand the business model. In the words of Abraham (2013), the
disruption technique can help an organisation to reform its entire structure and functions that
can help for the improvement of the business. The changes made in an organisation can be
due to the competitiveness of the market and the capabilities of the organisations.

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INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
Commonwealth Bank can adopt this disruptive technique to ensure that it can adapt itself to
the changing world particularly in the development of technology. Thus, it can be said that
technology is the main driving force behind the adoption of disruptive changes.
West et al. (2014) are of the opinion that organisations need to develop new and
positive ideas to remain competitive. For Commonwealth Bank, the development needs to be
made so that it can combat the competition that occurs from the ANZ bank. The return o
investment made by the bank can lead to changes in the bank as a result of it can ensure that
innovation is maintained within the bank. Flexibility can be maintained that can help
Commonwealth bank maintain stability in the banking sector of the country. Chesbrou (2010)
stated that in order to analyse the environment of the business market it is necessary that
Commonwealth Bank maintain a proper business canvas model. This can help in satisfying
customers as offers can be made that are aligned with the interest of the customers.
Commonwealth Bank can even implement a new concept such as the smart connected
products method to formulate strategies.
The application of the smart connected products can be of assistance for
Commonwealth Bank as it can help it to have a positive influence on the current business
activities. Commonwealth can maintain a positive note in a way that physical products of the
bank can help in improving the technology. According to Drucker (2014), for innovation to
excel it is necessary that Commonwealth Bank develop a new approach that can help in
assisting the bank with newly developed ideas required for competing against ANZ. One of
the approaches that the bank can make is developing a sensory system with the help of the
smart connected products so that activities within the bank can be understood.
The activities within the bank can be managed by analysing the operations undertaken
in the bank. Commonwealth Bank needs to keep in mind that the application of the smart