Business Model Innovation in Practice,” Euchner and Ganguly (2014) discuss a five-step approach to implement innovations within organizations. The five-step approach starts with Demonstrate value creation. The purpose of this step is to ensure that the organization has a clear understanding of the new value the innovation creates for the customer. Step two is generating business model options. A strong business model is imperative. The business model capitalizes on the value and ensures that other competitors would have challenges trying to replicate the model. This increases the organization’s competitive advantage. The third stage is to identify the risks for each option generated. The business model is strictly a concept. In this phase, it will identify the future risks upfront. This will allow the organization to be proactive. The three types of risks are business execution. Co- innovation risks and adoption risks. The fourth phase is to prioritize the risks. In this phase, the organization will quantify the chances of success. The organization will evaluate the current state of knowledge and identify the variables. The fifth step is to reduce risks through business experiments. In this stage, the organization conducts experiments in the real world using prototypes or simulated experiments (Euchner, 2014).
The four functions of management (planning, organizing, leading, and controlling) can be leveraged within the five-step approach to assist organizations in implementing successful innovations. All organizations planning to implement innovation needs a strong management plan. Each function will play a vital role in ensuring that the innovation is successful. The five-step approach combined with the four functions of management will increase the likeliness of the innovation is successful.
Euchner, J., & Ganguly, A. (2014). Business Model Innovation in Practice. Research-Technology Management, 57(6), 33–39. https://doi-org.lopes.idm.oclc.org/10.5437/08956308X5706013
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