BUS300: Business Model and Strategic Innovation Report - Analysis

This report examines business model innovation and strategic innovation through the analysis of two case studies: Planet Innovation and Commonwealth Bank of Australia. Planet Innovation, a health organization, is highlighted for its rapid innovation in medical device production and its strategic moves to capture market share through cost-effective products. The report discusses the company's innovative business model, emphasizing its flexibility and focus on customer needs, and its strategic approach to business model innovation. Commonwealth Bank of Australia is presented as a leading finance organization, showcasing its adoption of an innovative business model to identify customer demands and implement strategic plans. The analysis covers the bank's use of the Oslo Manual for data collection, its four dimensions of innovation, and its strategic approaches, including network building and CSR activities. The report underscores the importance of strategic planning and innovative business models in achieving market success and sustainability in both the healthcare and finance industries. The references used in the report are also listed for further study.

Running head: BUSINESS MODEL AND STRATEGIC INNOVATION
BUSINESS MODEL AND STRATEGIC INNOVATION
Name of the University
Name of the Student
Author Note

1BUSINESS MODEL AND STRATEGIC INNOVATION
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.

2BUSINESS MODEL AND STRATEGIC INNOVATION
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

3BUSINESS MODEL AND STRATEGIC INNOVATION
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.

4BUSINESS MODEL AND STRATEGIC INNOVATION
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).

5BUSINESS MODEL AND STRATEGIC INNOVATION
Reference:
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: https://planetinnovation.com.au/ [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.

6BUSINESS MODEL AND STRATEGIC INNOVATION
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:
https://www.commbank.com.au/content/dam/commbank/assets/business/can/move-forward/
commbank-business-insights-report-unlocking-everyday-innovation.pdf [Accessed 19 Aug.
2017].