Elements and Performance Criteria
- Compare the business with competitor businesses
- Investigate information on business markets, customers and methods of doing business
- Analyse and compare the current market for the business and the customer base with typical business markets and customers
- Analyse and contrast current business relationships, business processes and methods of doing business with other innovative businesses
- Identify business opportunities for innovation and reform
- Investigate business strategies to identify opportunities for innovation and reform
- Assess opportunities for their compatibility with business goals and objectives, and conduct a cost-benefit analysis for each
- Evaluate the degree of likely change and the ramifications for the business and its culture for each opportunity
- Conduct a risk management analysis and formulate a plan for dealing with contingencies according to organisational requirements
- Rank opportunities in terms of their viability and applicability to the organisation
- 2.6 Include opportunities for innovation in the organisation's business strategy and prioritise them for implementation
- Implement innovation
- 3.1 Redesign aspects of the business in an innovative manner according to the organisation's business strategy
- Integrate innovation into the business and monitor to gauge usefulness and maximise implementation
- Review business innovation in consultation with users and make recommendations for improvement or further innovation