AN INDIVIDUAL BUSINESS CANVAS
Below analysis of the reflective report has been done using the stages present in Gibbs Reflective Cycle.
Group Learning can be described as the common attempt of a collection of people who are intended towards completing a task. Group learning is significant in the case of creating a project or a poster. I have understood that the creation of Business Model Canvas would not have been possible without the collective effort from all the members of my team. I have also realised that while creating this poster, we have learned a lot about business modelling and where business strategies can be applied.
I personally feel positive that group learning required a little bit of help from experienced people. In this case, we have received help from the lecturer as well as several secondary sources. I personally feel that without the proper help from all the members and lecturers, it would not have been possible to complete the task. As per a study by Schoormann et al. (2017), it is of utmost importance that a group of people must receive insights from experienced personnel in order to complete a group activity.
In order to evaluate all the group activities, I have understood that group learning is extremely important for a group of students. It extensively initiates communication measures that enhance transparency. I have also found out that group tasks help in the improvement of professional skill development. These are necessary skills in order to carry out the entire task. I have understood that communication is the most important skill required to complete a group activity.
While analysing the entire group activity, I have learned that each and every person has a different set of skills. Based on a study by Moqaddamerad et al. (2017), it has been found out that every person present in a group activity has different skill sets which further helps in the success of project work. I have also analysed the method of working in the case of each member, as each of the team members carries distinct methods of working.
I came to the conclusion that group learning is extremely significant in the case of business modelling projects. This project required equal participation of all the team members, and the use of their skills sets have helped us complete the project.
I understood that group learning requires extensive communication; however, in some cases, I have seen that there was a communication gap among the team members. I think it is important for the entire team to work together in order to make communication better for the team. Working on two or three projects is the action plan for enhancing communication measures.
I have understood that the use of an individual skillet was required for the completion of this project. As per Hvam et al. (2019), it is significant for each member to carry a particular set of skills that can be used in a project. On this project, I came to know that skills regarding value proposition and information gathering were significant.
I personally feel that this report required skills related to customer segmentation and customer relationship management which was shown by one of the team members. As per Barat et al. (2017), business modelling projects require skill sets regarding customer management. I even feel that the channelling of resources was one of the most significant motivators in this project.
On completion of the project, I have evaluated that the creation of cost structure and information gathering regarding social benefits was the keys. Based on Dakic et al. (2018), the creation of cost structure in any project is considered as one of the most significant aspects related to a project.
I have analysed that the use of communication skills by each and every member of the team has resulted in the creation of the cost structure. Initially, the creation was a bit difficult. However, the collective gathering of key resources has helped in cost structure creation. As per Zare et al. (2019), the creation of cost structure in a project is required in order to complete the feasibility study.
On reviewing all the details regarding this project, I came to the conclusion that my individual contribution regarding the creation of key architecture has resulted in simplifying the creation of other models.
I have realised that the creation of the cost structure in the project was relatively difficult as none of the members had an exact idea of creation. I would start gaining information about the cost structures of several business models as my action plan for improvement.
I have understood that on the application of the latest and advanced technologies to a project, the overall accuracy of business models increase while creating this project. As per Al-Mohannadi et al. (2016), the use of AI and Big data are significant nowadays. I have learnt that the use of such technology can critically help in achieving better results out of a project as the use of such technology can enhance the creation of cost structure and risk management.
I personally feel that the requirements of such technologies are significant according to recent standards. In order to make a project perfect, that is related to modelling an entire business AI can be of extreme help. The use of AI will critically enhance the behaviour of conducting research. The implementation of AI and big data in a project will further help in managing all the data that have been collected for a project. As per Dumitriu (2018), data analytics are the best modern-day architecture for business modelling.
I have evaluated the possibilities regarding the success of a project in the case of using AI and Big data. I have understood that it is significant for each and every team member to gain knowledge regarding these methods. This required extensive information for implementation regarding big data may be accurate in order to produce perfect results (Cosenz et al. 2019).
I have analysed that AI and Big Data can help in future projects related to business modelling. This kind of project requires extensive information gathering from several sources where implementation of big data can help in information gathering and sorting of that information. However, I have analysed that the use of AI can automate several calculations that are required for cost analysis.
I have come to the conclusion that the use of AI and Big Data in future business modelling projects will come in handy for all the members of this team since it will enhance the efficiency of individual work. This will further help in the improvement of creating cost structures as well. I even came to the conclusion that implementation of big data in future projects could reduce project time by a large margin.
I have realised that the action plan for the future implementation of AI and Big Data will be to gather more information regarding these fields.
I have realised that the innovation process in a particular business is a continuous process. I have realised that the main improvement required in any kind of business is an innovation based on customer and market demands. As per Ferrero Bermejo et al. (2019), a business should always focus on improving their works related to market study and segmentation.
I feel that in case of improvements regarding clients, it is important that a business must focus on constant improvements with the latest innovation techniques available in the market. In the case of client communication, it is necessary that a business must focus on promotion and marketing.
Figure 1: Gibbs Reflective Cycle
(Source: Pyatkova et al. 2019)
I have evaluated that digital marketing techniques are best in the case of businesses aiming for improvement and innovation, reviewing customer’s feedback in marketing can help a business improve customer satisfaction.
I have analysed that social media marketing is the best way for a business to improve. As power Pyatkova et al. (2019), social media marketing helps a business to promote itself along with reviewing feedback from the customers.
I have come to the conclusion that innovation in the case of business and client communication or customer satisfaction can be increased by extensive marketing and feedback reviewing.
Suggested action plan in case of business improvement would be to focus on the target market and products.
Risk management in the case of innovation is mandatory for business. As per Watanabe et al. (2016), the major risk identified in the case of innovation is financial risk. I have realised that a business can be financially destroyed in case of experimentation with innovation.
I have a positive feeling in the case of risk management that a business that focuses more on potential threats is less susceptible to market risk.
I have further evaluated that a business must keep the competitors in mind with the latest market trends in case of innovation techniques.
I have analysed that a business that aims towards innovation will eventually come face to face with several risks related to the target market.
I have concluded that a business must extensively study a market in order to avoid such risk. I have further understood that business requires identification of niche markets in order to avoid potential risks,
A major action plan that I would suggest in the case of risk management is studying target markets and reviewing customer reviews.
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