identify and implement

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Business Finance

Description

Estimated Time


Objective

To provide you with an opportunity to demonstrate your knowledge of the foundation skills, knowledge evidence and performance evidence.

Complete the following individually and attach your completed work to assessment task 2 cover sheet.

The answers to the following questions will enable you to demonstrate your knowledge of:

  • Reading
  • Writing
  • Numeracy
  • Get the work done
  • Identify internal and external sources of information about business markets, customers and methods
  • Explain the structure and goals of the business and how this impacts on business relationships, processes and methods
  • Compare and contrast the culture of the business versus traditional business models
  • Outline legal, ethical and security issues relating to business innovation

Answer each question in as much detail as possible, considering your organisational requirements for each one.

  1. This Task will require you to carry out an investigation of your business strategies in order to identify opportunities for innovation and reform. You should carry out an evaluation of the opportunities that are identified and highlight the degree of likely change and ramifications for a business. You will also need to highlight any risks and develop appropriate contingencies to ensure that negative events have the least possible impact.
  1. For this Task you should highlight the comparisons and contrasts that can be drawn between the culture of a business and those with traditional models. You should highlight the ways in which an organisational culture inspires and encourages innovation.
  1. For this Task you should consider the example of an innovation that has recently been integrated by a business. You should carry out a review of the innovation in consultation with users and outline any steps that could be taken for improvement.
  1. This Task requires you to identify the structure and goals of an organisation and outline the impact on business relationships, processes, and methods. You should highlight the ways in which innovation is encouraged within your business.
  1. This Task requires you to outline the legal, ethical and security issues relating to business innovation. You should provide details of intellectual property and any other laws that apply in this context. It will also be necessary to detail the ethical and security principles that should be taken into consideration when dealing with employees and customers.





Estimated Time


Objective

To provide you with an opportunity to demonstrate your knowledge of the entire unit.

This is a major Task – your Trainer/Assessor will let you know whether you will complete it during class or in your own time.

Attach your completed answers to ASSESSMNET 3 COVER SHEET.

You must individually, answer the following questions in full to show your competency of each element:

  1. Compare the business with competitor businesses
  2. Identify business opportunities for innovation and reform
  3. Implement innovation
  1. This Task will require you to identify and decide on the merits of two innovative opportunities. You should evaluate the business markets and prospective customer bases for the opportunities and ensure that they are viable. It will also be necessary to carry out a cost-benefit analysis and make recommendations based on your findings. You should develop an implementation plan for the innovation that you think offers the greatest benefit to a business. Finally you should highlight the ways in which the innovation is monitored and any measures of success.

















Unformatted Attachment Preview

Identify and implement business innovation Activity 1C Estimated Time Objective To provide you with an opportunity to analyse and contrast current business relationships, business processes and methods of doing business with other innovative businesses. Page |1 Identify four methods of finding out about other businesses. Explain the concept of business benchmarking and how it can help in the comparison of your processes against other businesses. Page |2 Activity 2A Estimated Time Objective To provide you with an opportunity to investigate business strategies to identify opportunities for innovation and reform. Describe the use of each of the following methods of strategic analysis and the ways in which they enable you to identify opportunities for innovation and reform. ➢ SWOT analysis ➢ Scenario planning ➢ Critical factor analysis Highlight and describe three business areas where there are likely to be opportunities for innovation and reform. Page |3 Activity 2B Estimated Time Objective To provide you with an opportunity to assess opportunities for their compatibility with business goals and objectives, and conduct a cost-benefit analysis for each. This Task will require you to consider one opportunity for the innovation or reform of your business. You should carry out a cost-benefit analysis in order to find out whether this opportunity is feasible. You should provide details of the calculations and methods of cost-benefit analysis that are used. A recommendation should be made based upon your findings. Page |4 Activity 2C Estimated Time Objective To provide you with an opportunity to evaluate the degree of likely change and the ramifications for the business and its culture for each opportunity. Outline the process of carrying out an impact analysis and its use in identifying the potential effects of change on a business. Provide details of the necessary stages and aspects that should be considered during the impact analysis. Page |5 Activity 2D Estimated Time Objective To provide you with an opportunity to evaluate the degree of likely change and the ramifications for the business and its culture for each opportunity. This Task will require you to carry out a risk management analysis for an opportunity specific to a business. You should highlight the means of identifying any associated risks and ensuring that they have the least possible impact on a business. Page |6 Activity 2E Estimated Time Objective To provide you with an opportunity to rank opportunities in terms of their viability and applicability to the organisation. Identify five factors that should be taken into account when deciding on the viability of business opportunities. Highlight four issues which should be considered when deciding whether opportunities are applicable to an organisation. Page |7 Activity 2F Estimated Time Objective To provide you with an opportunity to include opportunities for innovation in the organisation's business strategy and prioritise them for implementation. Provide details of five issues that should be considered when prioritising business opportunities for implementation. Page |8 Activity 3A Estimated Time Objective To provide you with an opportunity to redesign aspects of the business in an innovative manner according to the organisation's business strategy. Identify five ways of encouraging innovation within a business. Page |9 Activity 3B Estimated Time Objective To provide you with an opportunity to integrate innovation into the business and monitor to gauge usefulness and maximise implementation. Provide details of five factors that should be taken into consideration when monitoring the effectiveness of an innovation programmes. P a g e | 10 Activity 3C Estimated Time Objective To provide you with an opportunity to review business innovation in consultation with users and make recommendations for improvement or further innovation. Write a paragraph on the means of involving users during the innovation process. Include details of the consultation and feedback methods that may be used by a business. P a g e | 11 Estimated Time Objective To provide you with an opportunity to demonstrate your knowledge of the foundation skills, knowledge evidence and performance evidence. Complete the following individually and attach your completed work to assessment task 2 cover sheet. The answers to the following questions will enable you to demonstrate your knowledge of: ➢ ➢ ➢ ➢ ➢ ➢ Reading Writing Numeracy Get the work done Identify internal and external sources of information about business markets, customers and methods Explain the structure and goals of the business and how this impacts on business relationships, processes and methods ➢ Compare and contrast the culture of the business versus traditional business models ➢ Outline legal, ethical and security issues relating to business innovation Answer each question in as much detail as possible, considering your organisational requirements for each one. 1. This Task will require you to carry out an investigation of your business strategies in order to identify opportunities for innovation and reform. You should carry out an evaluation of the opportunities that are identified and highlight the degree of likely change and ramifications for a business. You will also need to highlight any risks and develop appropriate contingencies to ensure that negative events have the least possible impact. 2. For this Task you should highlight the comparisons and contrasts that can be drawn between the culture of a business and those with traditional models. You should highlight the ways in which an organisational culture inspires and encourages innovation. 3. For this Task you should consider the example of an innovation that has recently been integrated by a business. You should carry out a review of the innovation in consultation with users and outline any steps that could be taken for improvement. 4. This Task requires you to identify the structure and goals of an organisation and outline the impact on business relationships, processes, and methods. You should highlight the ways in which innovation is encouraged within your business. 5. This Task requires you to outline the legal, ethical and security issues relating to business innovation. You should provide details of intellectual property and any other laws that apply in this context. It will also be necessary to detail the ethical and security principles that should be taken into consideration when dealing with employees and customers. P a g e | 12 Estimated Time Objective To provide you with an opportunity to demonstrate your knowledge of the entire unit. This is a major Task – your Trainer/Assessor will let you know whether you will complete it during class or in your own time. Attach your completed answers to ASSESSMNET 3 COVER SHEET. You must individually, answer the following questions in full to show your competency of each element: 1. Compare the business with competitor businesses 2. Identify business opportunities for innovation and reform 3. Implement innovation 1. This Task will require you to identify and decide on the merits of two innovative opportunities. You should evaluate the business markets and prospective customer bases for the opportunities and ensure that they are viable. It will also be necessary to carry out a cost-benefit analysis and make recommendations based on your findings. You should develop an implementation plan for the innovation that you think offers the greatest benefit to a business. Finally you should highlight the ways in which the innovation is monitored and any measures of success.
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Identify and implement
business innovation

Page |1
Activity 1C
Estimated Time
Objective
To provide you with an opportunity to analyses and contrast current business
relationships, business processes and methods of doing business with other innovative
businesses.
Identify four methods of finding out about other businesses.
The methods of finding out about other businesses or competitors are;
1.
2.
3.
4.

Visiting the business websites and analysing their SEO strategies.
Social media where you engage them on different platforms.
Checking industry reports.
Attend professional conferences (Petersen, 2018).

Explain the concept of business benchmarking and how it can help in the comparison of your processes
against other businesses.
Business benchmarking is viewed as the process of comparing your business’s processes and its performance
statistics to industry best practices from companies operating in the same industry. Benchmarking can also be
defined as the process of comparing your organization/business, processes, or operations to other
organizations in the large market place or in your operating industry (Governmnet, 2017). The main areas of
assessment when it comes to business benchmarking is quality, time, costs, and process effectiveness and
customer satisfactions. The core intention of benchmarking is to generate ideas from the competitors’ analysis
and use them to improve your own approaches, technologies and processes to reduce costs, increase profits
and better customer satisfaction and loyalty.
It helps in comparing to other businesses by providing data and statistics that you compare to your own
business statistics. It also helps in developing internal perspective about other businesses and how they
operate which enables a business to compare positively. Benchmarking also helps in comparing by identifying
gaps in service delivery and product promotion (REH, 2017).

Page |2
Activity 2A
Estimated Time
Objective

To provide you with an opportunity to investigate business strategies to identify
opportunities for innovation and reform.

Describe the use of each of the following methods of strategic analysis and the ways in which they enable you
to identify opportunities for innovation and reform.
➢ SWOT analysis
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. It is used by organizations and businesses
to analyse external and internal factors affecting them. It is used to minimize threats and weaknesses while
maximizing strengths and taking advantage of available opportunities in industry of operation. Secondly, it is
used to brainstorming, strategic planning and decision making. SWOT analysis also addresses
individual/organizational challenges (Staff, 2017). It helps in taking up opportunities by analysing realizing
business strengths and weaknesses which determines which needs to be improved through innovations and
reforms.
➢ Scenario planning
Scenario planning refers to the process of visualizing what the future holds for your business either positive or
negative, that is, probable events or assumptions. It can also be defined as the process of making assumptions
on how the future will be and how the business environment will change over time (identifying set of probable
uncertainties). Scenario planning is used for; (1) identifying company driving forces, (2) identifying critical
uncertainties, (3) developing a range of probable/plausible scenario, and finally (5) discuss the scenarios
implications (mariton, 2018).
➢ Critical factor analysis
Critical factor analysis refers to the process of looking at all what is required for success of your organization. It
can also be described as a critical activity or factor that is essential to ensure the success of an organization.
Success factor refers to the things that must go well as intended by the company for it to be successful. It is used
to identify the areas that need improvement and resources allocation. Critical factor analysis concerns
strategizing on people, power, contingency strategy, plan and processes.
Highlight and describe three business areas where there are likely to be opportunities for innovation and
reform.
1. Information technology. There has been a lot of advancements in technology and therefore there is
need for businesses to adopt new technologies. Telecommunication have designed special software
tailored to particular businesses to improve their operations and processes. Also, these new
technological software have the ability to offer decisions on what needs to be done accurately and
implement new strategies. Everyone is embracing technology and migrating from manual ways of doing
things to automated systems that are intelligent and profitable.
2. Sales and marketing strategies. As mentioned above, many people are embracing technology and
therefore businesses need to change their marketing strategies to meet the changing needs of
customers. Many people are spending a lot of time over the internet and business should create their
online presence for marketing strategies.
3. Production processes. Technology has brought more accurate product optimization tools that businesses
can take advantage of and reform their product production processes. Automation of production
systems is a very crucial aspect that businesses can innovate and reform

Page |3
Activity 2B
Estimated Time
Objective

To provide you with an opportunity to assess opportunities for their compatibility with
business goals and objectives, and conduct a cost-benefit analysis for each.

This Task will require you to consider one opportunity for the innovation or reform of your business. You
should carry out a cost-benefit analysis in order to find out whether this opportunity is feasible. You should
provide details of the calculations and methods of cost-benefit analysis that are used. A recommendation
should be made based upon your findings.
Cost-benefits analysis
The cost benefit analysis process estimates the benefits and costs of an investment for two reasons:
1. To determine if the project is viable; if it is a good investment
2. To compare one project investment with other competing projects, to determine which is more feasible.
It allows decision makers to appraise projects in a consistent and comparable manner. The methods used are;
1. Incremental Cost Benefit Ratio
This method helps to determine the margin by which a project is more beneficial or costly than another project.
It is used to compare alternative options to help determine which is more feasible over the other(s). The formula
is: Incremental BCR = (Σ B1 - Σ B2) / (Σ C1 - Σ C2) where ΣB1 = total benefits for project ‘1’ and ΣC1 = total costs
for project ‘1’.
2. Benefit Cost Ratio (BCR)
This is the ratio of project benefits versus project costs. It involves summing the total discounted benefits for a
project over its entire duration/life span and dividing it over the total discounted costs of the project.
[𝜮 𝑩𝒊 / (𝟏 + 𝒅)𝒊 ] [𝜮 𝑪𝒊 / (𝟏 + 𝒅)𝒊 ] 𝑩𝑪𝑹 = 𝒔𝒖𝒎𝒎𝒆𝒅 𝒐𝒗𝒆𝒓 𝟏 = 𝟎 𝒕𝒐 𝒏 𝒚𝒆𝒂𝒓𝒔
Where Bi = the project’s benefit in year i, where i = 0 to n years
Ci = the project’s costs in year i, where i = 0 to n years
n = the total number of years for the project duration
d = the discount rate
3. The Payback Period
This is the time period required for the total discounted costs of a projec...


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