Business model innovation is considered as the key element to attaining value from innovation within a corporation. There is a lot of risk in developing and implementing new businesses models in practice. To create new business models, there is a systematic approach which identifies concrete steps to reduce the risks associated when innovating. Euchner and Ganguly (2014) present a systematic approach for integrating innovations to improve success.
First, identify relative advantage. Before starting the innovation model, there is need to determine all the relative advantages that exist within the model. It is essential to redefine and set your expectations precisely to be able to fulfill the model. Rather than finding new ideas for solving a problem, one needs to perform a need-based assessment of the model and later search for the appropriate method to sustain or accomplish the innovation (Euchner and Ganguly, 2014).
The second approach is to determine the objectives and assessment on how the business model innovation would be. To fulfill this approach, one must be able to ask the questions as you plan the model. What will the model be able to accomplish? How long will the model take to achieve its goal? At what percentage will it be able to perform? How is the model able to demonstrate the achievement of the objective? The main aim is to evaluate the efficiency of the model.
The third approach is to design instructional strategies. At this stage, instructions are developed to help each employee to be able to use the model after performing a prerequisite needs assessment. However, creating an instructional step which is more prolonged and unnecessary can negatively affect the integration effort of the model. The fourth approach is to prepare the instructional environment. It is essential to design instructional strategies which ensure that the business model innovation has the appropriate environment where it could be introduced. It is important to ensure that the model serves or integrates the experience and knowledge possible for everyone involved.
Finally, analyze results and revise. At this stage, the approach considers looking at the objectives established along with the assessments conducts and makes objective conclusions on every achievements or failure. If the results are not analyzed, it might result in frustration, fatigue, and missed opportunities.
To assist organizations in implementing successful innovations, the functions of management could be incorporated. When planning one should set their goals based on the problem at hand. The next thing is to target the appropriate group for the innovation model. And finally, establish how far the innovation should reach (Guskey, 2011). In organizing the business innovation model should have clear and focused goals with actual strategic plans which enable it to achieve its goal at the end of the evaluation. A good leader should be able to retain all the employees and ensure they follow the innovation model accordingly. Doing this will help the organization meet their targets and successfully implement the innovations in the organization. During controlling one must ensure that the performance does not deviate from the standards of the innovations. The strategic plans should be followed for proper implementation of the innovations.
- Euchner, J., & Ganguly, A. (2014). Business model innovation in practice. Research-Technology Management, 57(6), 33-39.
- Guskey, R. (2011). Integrating innovations. Educational Leadership, 47(5), 11.