Business Model Canvas: A Strategic Tool for Business Success - Essay Sample

Introduction

Business model canvas is strategic management and thin startup pattern for developing new business models (Hong & Fauvel, 2013). On many occasions, businesses model canvas is a visual chart with elements describing the proposition made towards the value of the firm or product, the organization’s infrastructure, customers, and finances. The business model canvas's primary function is that it helps an organization align its events by clarifying possible trade-offs (Hong & Fauvel, 2013).

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Human-centered design methods in business mean the company is at the leading end in producing goods that fulfill people's wants, needs, and behavior (Jerald & Marks, 2016). It is achieved when a profit-making organization develops the need to understand tasks, workflow, culture, environments, and technology as well as ensuring employees are involved throughout the design process. The company can achieve a human-centered design goal when it focuses on the three main phases of the process. The phases include inspiration, ideation, and implementation to solve real-world business problems (Jerald & Marks, 2016). The importance of a human-centered design approach in business is that it involves people from the start and places them at the center of the problem-solving design process as a way of coming up with an effective method to solve the problem.

Some of the most common business problems are; inadequate customer services, inability to monitor performance, stiff competition, low financial management skills, and uncertainty about the future of the business. According to Kramer, Agogino & Roschuni (2016), the mentioned business problems can be solved by a human-centered design approach by creating a new business canvas model within the organization. The model enables both the management and employees of the organization to focus on the problems segment by segment as they try to solve them one after another (Kramer, Agogino & Roschuni, 2016). For instance, when faced with inadequate customer services, among others.

The problem of inadequate customer services makes the company receiving negative feedback from its customers at the same time, lose its customers to its competitors. Through the human-centered design method, the company focuses on the key activities within the company to monitor how employees relate with customers, the distribution channels, and the revenue stream of the services offered (Kramer, Agogino & Roschuni, 2016). If the opposite is happening, the company can use the three phases in the human-centered design method to overcome the business problem. To solve the uncertainty of the company's future, the company can focus on the key partners in the business. The management team can remind the company's critical partners of the business's significant value and encourage them to reinvest into the company and increase their shares in the market to save the company from collapsing (Kramer, Agogino & Roschuni, 2016).

Technology advance is the adjustment in the way a product is produced, or a service is delivered within an organization as a strategy to reduce the resource input needed for production or delivery (Falowski, 2017). With the advance in the industrial age, some examples of technology development in business include; software and productivity tools, desktop computers and laptops, and networking of computers and printers, among others. The primary function of technology advancement in business is to ensure that the business activities within the company continue to grow, shift and adapt as a way to stay competitive in today's rapidly changing marketplace (Yeo et al. 2020).). Technology advancement functions as a means to improve communication within the organization and its customers. It is also used by companies to enhance their business strategies and develop and manage customer relations.

Some of the problems that businesses face that can be solved by technological advancement are; lack of two-way communication. The company can use the internet to form social media platforms to improve communication between organizational departments, employees, and customers. Some of the benefits that companies enjoy for using technology include; faster task completion, content discovery, lower administration costs, remote working is more comfortable, and improved customer targeting (Falowski, 2017).

References

Falowski, S. M. (2017). Technology and Application Advancement. In Treatment of Chronic Pain Conditions (pp. 323-325). Springer, New York, NY. Retrieved from https://link.springer.com/chapter/10.1007/978-1-4939-6976-0_92

Hong, Y. C. & Fauvel, C. (2013). Criticisms, variations, and experiences with business model canvas. Retrieved from http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.452.1207

Jerald, J., & Marks, R. (2016). Human-centered design for VR interactions. In ACM SIGGRAPH 2016 Courses (pp. 1-60). Retrieved from https://dl.acm.org/doi/abs/10.1145/2897826.2927320

Kramer, J., Agogino, A. M., & Roschuni, C. (2016). Characterizing competencies for human-centered design. In ASME 2016 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference. American Society of Mechanical Engineers Digital Collection. Retrieved from https://asmedigitalcollection.asme.org/IDETC-CIE/proceedings-abstract/IDETC-CIE2016/50190/V007T06A026/258472 PDF from the "Business Model Canvas." Access from https://canvanizer.com/downloads/business_model_canvas_poster.pdf

Yeo, C., Kee, D. M. H., Mo, X. Y., Ang, H. E., Chua, S. M., Agnihotri, S., & Pandey, S. (2020). Technology Advancement and Growth: A Case Study of Huawei. Journal of the community development in Asia, 3(1), 82-91. Retrieved from http://ejournal.aibpm.org/index.php/JCDA/article/view/711