I need a response to the below Statement: Euchner & Ganguly (2014) notes the competitive environment is forever changing- business models require constant vigilance; they must be adapted and stren
I need a response to the below Statement:
Euchner & Ganguly (2014) notes the competitive environment is forever changing, business models require constant vigilance; they must be adapted and strengthened over time as the competitive environment evolves. Because innovation is constantly adapting, changing and developing operational strategies must be on point for them to succeed accordingly. Business models and competitors are constantly changing, advancing, and finding new innovative ways to compete. Again business models need to stay innovative, remain flexible and take risks when approaching new strategies or operational functions that will benefit their organization. When businesses focus on changing operational strategy they must consider the three basic good business models, Competitive advantage, Profit Zone, and Economic Leverage, Euchner & Ganguly (2014). These business models can be used as a guide to businesses and attract customers, allow flexible pricing, points of advantage, and ensure that the business can deliver a profit. When conducting operational strategies there are risks factors to take consider as with any business. There are two primary risk factors that are out of the control of the innovator, which Adner refers to as ecosystem risks, Euchner & Ganguly (2014). One is the co-innovation risk, these are the uncertainties related to innovations that others create for the business which enables technology or a new process, and there may be risk involved during the implementation process, Euchner & Ganguly (2014).
The second is the adoption-chain risk, these are the process of building the alignment among stakeholders required to bring innovation to the market, Euchner & Ganguly (2014).
In summary, businesses need to see what works best for their organization. They need to take into account the risk factors, how they will adapt new innovative ways and ideas into their organization to receive the maximum benefits and profits, meanwhile reducing labor and costs. They also, need to conduct research on other organizations and see what has worked for them and where they encountered challenges and apply the small wins to their organization and learn from others’ failures. Since each business is unique, there are many variables and challenges that businesses may encounter during operational strategy changes and challenges. However, setting guidelines and goals will certainly be beneficial for businesses to succeed.
Working in city government, we experienced innovative changes that benefited the organization. For instance, we changed our software application to reflect the needs of our department. During the process, we were allowed to voice our opinions, concerns, ideas, suggestions and they were taken into consideration. At first, there were a few glitches in the software, but eventually, things ironed out and the new software was a big improvement compared to the outdated programs we used.
Jim Euchner & Abhijit Ganguly (2014) Business Model Innovation in Practice,
Research-Technology Management, 57:6, 33-39, DOI: 10.5437/08956308X5706013