Business Innovations - Coursework Example

Business Innovation [Your Name] [Date of Submission] Executive Summary This research work deals with an analysis of the issues relating to E-Business with a specific focus on colleges. This work scrutinises the effects of the Internet on businesses. In addition E-Business tools will be examined. The introduction deals with the back ground and issues relating to the present topic. Furthermore, benefits of online business in the education field have been examined. Thereafter a comparison of business between two colleges has been taken up for examination. An innovative reform has been identified and recommendations have been made for its adoption in the traditional business model. In addition, measures to deal with the implementation of the innovation strategies in Kent Institute Australia Pty Ltd have been taken up for discussion. Finally, conclusions have been arrived at, and a reference list has been provided at the end of the work. TABLE OF CONTENTS Executive Summary 1 Business Innovation 3 Introduction 3 E- Business Tools 4 Part A 5 Effects of the Internet 5 Traditional Business v E - Business 6 Innovative Changes 6 Comparison between Traditional v E - Business Markets 7 Kent Institute Australia Pty Ltd 7 Kaplan Business School 8 Adjusting to a New Environment 9 Support and Advice 9 Part B 10 Innovative Strategy 10 Risk Management 11 Conclusion 12 Reference List 14 Business Innovation Introduction This work deals with the issues relating to E-Business and adopting its innovative reforms in college businesses. In this regard, a traditional college business model has been compared with a college maintaining E-learning business. Moreover, E-Business tools and their application to businesses have been examined. Some of innovative strategies of E-Business, pertaining to the college have been analysed. A most advantageous and innovative reform has been identified and recommendations for its adoption by the traditional college have been provided. Electronic business entails the use of technology to develop business processes. It addresses several areas, such as managing human resources, administrative and financial systems and other internal processes. Moreover, it deals with customer relationships, supply of services and goods, marketing and sales, and other external processes. Although, the manner of managing business associations has remained the same, the way in which they are referred to, whilst employing E-Business tools has undergone a transformation. Thus, we have the following; business to business (B2B); business to consumer or ecommerce (B2C); government to consumer (G2C); and government to business (G2B)[Nor13]. E- Business is a wide ranging concept that describes arrangements, wherein organisations have altered their business processes, services and structures, in order to benefit from Internet capabilities. Some of the aspects that are central to E-Business are; first, it utilises electronic gadgets for communicating and processing data to a much greater extent. Second, it promotes enhanced integration of hardware devices and databases, primarily due to the open protocols that administer data transfer between systems. Third, makes it possible for users to engage with services and systems in an interactive manner[Jac03]. E- Business Tools Some of the activities that utilise E-Business tools are; first, trading of services or goods online, including eProcurement, chiefly via websites. Second, electronic retailing. Third, employing extranets, intranets or the Internet to manage business activities and to carry out research. Fourth, website marketing. Fifth, electronic mail and other online communications. Sixth, online training[Nor13]. The implementation of E-Business tools facilitates the streamlining of business processes and the identification of new markets. There are several advantages inherent in such implementation and these are enumerated in the sequel. First, easier and swifter communications. Second, improved marketing reach and capabilities. Third, enhancement in the hours of operation. For instance, websites provide information 24 hours a day, every day, to the existing and potential customers[Nor13]. Fourth, access to wider information via research. Fifth, reduction in the cost of conducting business. This results from the lowering of transaction costs and increase in the efficiency of the processes related to payments. Some instances being the use of online banking, which significantly reduces stationery and postage expenditure. Sixth, opportunities to adopt new business models and develop customised support for customers[Nor13]. Part A Effects of the Internet The Internet and contemporary high speed computers have made it a simple task to share one’s work with the world. For instance, one could select some issue of immediate interest for one’s community, conduct research on it, and collate and analyse the data so obtained. Thereafter, this information could be published as a blog, handout, flyer, or a book that could be distributed in the community[Hay16]. In addition to providing a website for a business, E-Business tools can improve the efficiency of that business’s administrative and operational activities. This transpires through; first, accessing the Internet to procure information about one’s industry, suppliers, and products, and for the purpose of general research. Second, use of electronic transactions, including online banking, financial management, stock control and compliance reporting to the Australian Taxation Office. Third, purchasing and selling via email or eFax, without a web presence. Fourth, managing human resources through an intranet for news, staff movements, policies and access to personnel information online. Fifth, managing customer relations, which integrates the back and front office functions via electronic processes. Sixth, employing appropriate project management software[Nor13]. Traditional Business v E - Business The primary difference between traditional business and E-Business lies in the intricacy of the problem. Managing contemporary E-Business entails facing several challenges simultaneously. Although, organisations have been facing some challenge or the other, in the past, the present situation requires them to face numerous challenges concurrently. As a result, unprecedented complexity is generated. In addition, transition to E-Business involves uncertainty and rapidity. The E-Business environment is quick moving. This necessitates a much quicker organisational response. Moreover, operations on the Internet can extend to the partners in a supply chain. This Value Web could incorporate a wide range of participants and the use of a digital exchange to buy or sell products. The Electronic Data Interchange technology has been used for several years, and many firms have participated in a supply chain, by utilising such technology, in order to procure and sell products and components[Ver14]. Innovative Changes Technology had been projected as the panacea for the various ills besetting the failing schools of the nation. However, this unjustified sanguinity proved to be wrong in the long run. Thus, the realisation slowly but surely dawned that technology does not constitute a panacea. All the same, upon being implemented properly it can improve the experience of school for students[Ber143]. The norms that should underlie change in schools and the evaluation of such changes have provoked considerable controversy and debate. However, the vast majority believe that the information taught to students and what the latter learn in schools is unequal to the task of preparing them to flourish and live in the real world. Thus, schools have to adopt innovative measures and adapt themselves to the requirements of contemporary society and the students[Ber143]. The following ideas have been proposed for achieving innovation sans gadgets. First, obtain a clear perception regarding the requirements and values of the community. Second, alter the schedule so that students can devote the maximum time towards the activities that will enable them to achieve what has been determined to be of the best value for them. Third, scrutinise furniture, equipment, and room and school layout. Fourth, examine the culture being developed by the systems and policies adopted. Fifth, provide students with exposure to emerging careers and workplace experience. Sixth, enter into a collaboration with other schools, with a view to provide a wider course offering. Seventh, engage in video conferencing with outstanding teachers from other schools, in order to facilitate the professional development of the teachers of one’s school[Ber143]. Comparison between Traditional v E - Business Markets Kent Institute Australia Pty Ltd This institution has been a provider of quality education and training to students from more than a quarter century. At present, it is officially recognised as a primary provider of courses with government accreditation. These courses are provided to national, as well as international students[Ken152]. Moreover, the Kent Institute Australia Pty Ltd conveys to its students its motivation, passion and drive to attain conquer new peaks in diversity and inclusive excellence. The underlying belief of this institution is to promote and preserve collaboration and engagement with constituents in the greater community and across the campuses. As such, this institution strives incessantly to optimise collective, as well individual contributions. This generates a milieu that encourages diversity of thought, persistent personal growth, academic attainment and achievement that is above average. Inclusive excellence, per se, is a distinguishing feature of the great institutions. In addition, this institute has claimed the following to be the reasons behind its success. First, it had introduced the Bachelor of Accounting course, and this had been approved by CPA Australia and other superior professional accounting organisations. Second, Kent has smaller classes, which makes it possible to provide individualised attention to students. Third, critical thinking, free discussion and open feedback are promoted. All these issues are common to a traditional educational organisation. This has to be compared with an organisation, conducting E- Business. Kaplan Business School The Kaplan Business School has been selected for comparison with the Kent Institute Australia. This business school has been conducting its business internationally, via E-Business, with innovative strategies, successfully. In this case, there are several features that prove to be beneficial to business and innovative. These are, first, asking a question, which ensures that customers have the freedom to query the educational features available in their specific institution. Second, career focus, which enables the customers to procure information regarding current opportunities in the international field. This can be of great assistance for selecting beneficial choices for international students. Other innovative strategies of their business plan are described in the sequel. Adjusting to a New Environment The staff and support services at Kaplan Business School strive to make the student’s stay at their institution fulfilling, successful and enjoyable to the best of their ability. At the same time, concession is made towards allowing international students to acclimatise themselves to the new environment. In this regard, information regarding Australian culture and customs are made freely available to these students. Thus, clear information has to be provided to customers regarding the nature of responses, their timing, the various options available and the customer service provided. Moreover, there has to be adequate preparation to respond to culture, language, icons and images that are alien to the prevailing culture. Support and Advice In addition, the Kaplan Business School makes every reasonable effort to assist international students to adapt to the academics and life in Australia. In this endeavour, students are made to participate in an orientation process. Furthermore, advice and support are always available for students during the duration of their course, via on-campus student support team and careers service, namely the Careers Central. In addition, the concerned lecturers provide answers for any academic query of the student. Moreover, there is a facility to provide study skills coaching and individual tutoring. On request, airport collection and accommodation placement is provided, and a fee is charged for this service [Kap161]. This feature seems to be a novel strategy for helping international students and more advantageous to them. Upon comparison with the Kent Institute Australia, it becomes evident that the Kaplan College had adopted a superior strategy, due to its decision to conduct its business via E- business. A major innovative strategic difference between these two institutions is that Kaplan provides airport pickup and accommodation placement. These facilities are available at its portal. On account of this facility, international students can address their accommodation requirements much before arriving in Australia. In addition, the airport pickup ensures that they can reach their place of study without experiencing any difficulty. Thus, the Kent Institute Australia could benefit enormously by adopting this procedure into its business model, as it would prove to be of immense benefit to its prospective international students. Part B E-Business describes the arrangements used by organisations to benefit from Internet capabilities by redesigning their business processes, services and structures. Its primary features are; first, it makes greater use of electronic devices for communicating and processing data. Second, it permits enhanced integration of hardware devices and databases. Third, it promotes interactive engagement between users and systems and services, such as the purchase of goods[Jac03]. Innovative Strategy The Internet brings about the integration of the information communication, information systems and business innovative strategies. Consequently, innovative organisational information systems are abundantly correlated to the outcomes of company systems and business processes operations throughout the supply chain. Knowledge management, per se, is a significant feature of optimising the innovative initiatives during the adoption of E-Business supply chains in small and medium enterprises. As a result, the latter are provided with the ability to access the required information and resources[Sha16]. This makes it possible for them to obtain the required skills in business and technical areas. Risk Management The risk management plan adopted has to be an essential component of the wider business continuity plan. The latter should consist of strategies for dealing with and recovering from incidents. The presence of a reliable business continuity plan ensures that operations can be resumed with the least possible delay after an incident. This serves to reduce the adverse impact upon the business. Despite the capacity to predict and address several potential risks, some of the incidents envisaged will be either unexpected or infeasible to plan for. Such incidents are best dealt with by having an incident response plan and a recovery plan. As such, a risk management plan is the preventive stage of the prevention, preparedness, response and recovery (PPRR) model of business continuity planning[Que15]. As a consequence, one prepares a risk management plan to address unexpected contingencies. With respect to the Kent Institute, strategic innovative information, such as accommodation placement and Airport pick up can be included in the college business plan, to render it a better innovative business model. Undertaking this action, will provide customers with personalised and essential information, which in turn will enable them to undertake the admission process with confidence, when they are from some other nation. In addition, this strategy can be implemented through the concerned networks of the organisation which should be established for that specific purpose. Moreover, review of E-Business innovation is undertaken by adopting the following measures. First, outcome measurement, which provides a systematic method for evaluating the extent of success realised by a programme in achieving its intended outcomes. Second, preparation and planning, which constitute a vital component of the outcome measurement process[Str16]. Conclusion As such, subsequent to implementing the aforementioned innovative measures in the business plan, the outcome measurement tool has to be employed for evaluating the influence of adopting the innovative methods incorporated into the college business model. In addition, evaluating outcomes is central to the planning and resource allocation activities of any institution[Vol16].Thus, the goals and objectives of an institution constitute the basis for sound planning. Consequently, evidence regarding student development and learning outcome can be employed for taking broad judgments regarding institutional efficiency Thus, outcome assessment can be employed for measuring the effectiveness of novel institutional reformed strategies. Furthermore, effectiveness of the implementation can be evaluated, via measurement of the outcomes of the strategy. Reference List Berger, A. & Moss, M., 2014. Five Ways To Bring Technology into the Classroom Without the Gadgets. [online] Available at: [Accessed 27 January 2016]. Haynes, K., 2016. Top 12 Ways to Bring the Real World into Your Classroom. [online] Available at: [Accessed 26 January 2016]. Jackson, P. & Eckersley, P. M., 2003. Organizations in the Electronic Age. In: P. L. Jackson, L. Harris & P. M. Eckersley, eds. E-Business Fundamentals. Oxon, UK: Psychology Press, pp. 3-10. Kaplan Business School , Pre Arrival Information. [online] Available at: [Accessed 30 January 2016]. Kaplan Business School, 2016. [online] Available at: [Accessed 29 January 2016]. Kent Institute Australia Pty Ltd, 2015. Our story. [online] Available at: [Accessed 30 January 2016]. Northern Territory Government Department of Business, 2013. What is eBusiness?. [online] Available at: [Accessed 26 January 2016]. Queensland Government, 2015. Review and update your risk management plan. [online] Available at: [Accessed 29 January 2016]. Shah, V. K., 2016. The Effect of E-Business and Information Management on Supply Chain Operations for SMEs. Imperial Journal of Interdisciplinary Research, 2(1), pp. 174-188. Strengthening Nonprofits, 2016. Developing a Plan for Outcome Measurement. [online] Available at: [Accessed 29 January 2016]. Verma, P., 2014. Report on E-Business. [online] Available at: [Accessed 26 January 2016]. Volkwein, J. F., n.d. Implementing Outcomes Assessment On Your Campus. [online] Available at: [Accessed 29 January 2016]. Read More