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MGMT20143 Think Big

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Learning Outcomes Assessed: 1. Define and apply key concepts of innovation in commercial, digital, service, and social contexts

2. Demonstrate an understanding of and apply the stages of the innovation process, including learn how to forecast the success and market diffusion of your innovation using business model design logic

3. Identify and discuss the technical, financial and organisational constraints to innovation in markets that occur in real-life through the use of teamwork and brainstorming.

Introduction: Artificial Intelligence and analytics have individually been gaining popularity in the area of technology. It has been estimated that artificial intelligence and analytics make an effective combination to deliver an AI powered analytics that aids in the creation and delivery of almost all kinds of significant strategies. With the AI powered analytics, an organization is able to concentrate on the initiatives that really matter and overcome the challenges of going through all the data and reports (ADOBE, 2019). Several attempts are being taken by various organizations, groups and individuals towards the development of an efficient AI powered data analysts that would simplify the processes that are associated with the analysis of the data. One such successful product that has emerged recently is Hyper Anna, which is a personal AI powered data analyst. In the following report, the business model of Hyper Anna has been deconstructed to gain an insight regarding its business and provide recommendations for improvement.

Question: Prepare a business report that deconstructs an organisation's business model and identifies the critical success factors that make the business sustainable.

Answer: Hyper Anna: Business Overview: Hyper Anna is an Artificial Intelligence powered data analyst. When an individual interacts with Hyper Anna, she responds back as another individual. Hyper Anna is responsible for all kinds of tedious and technical work associated with analysis of the data, writing code, producing charts and more importantly provide insight regarding all things that are associated with data analytics (Hyper Anna, 2019). Hyper Anna is also considered as the Siri for analytics.

Business Model Deconstruction

A. Building Blocks: To understand the business model that has been adopted by any organization, the Business Model Canvas, developed by Osterwalder and Pigneur (2010), can be used. It is an effective tool and comprises of 9 fundamental elements, namely, the key partners, the key activities, company's value propositions, customer relationships, customer segment, key resources of the firm and the channels that are used to acquire the raw materials and to deliver the final products to the consumers (Osterwalder,Pigneur,Bernarda, & Smith, 2014). The Business Canvas Model of Hyper Anna can be presented as follows.

Table 1: Business Model Canvas of Hyper Anna

Key Partners

 

Investors

 

Associates

 

Financial Institutes

 

 

Key Activities

 

Innovations

 

Data analytics

 

Data processing

 

Artificial intelligence

 

New digital developments and projects 

 

 

Value Proposition

 

Innovative solution for data analytics

 

Data analytics using artificial intelligence

Customer Relationships

 

 

 

Benefits for members

 

Completely digital

 

Automated services

 

Recommendations

 

Reputation

Customer Segments

 

Organisations seeking solutions for business data analytics

Key Resources

 

Big data

 

Focus on innovation

 

Data analytics

 

Azure cloud for data storage and processing

Channels

 

Digital store

 

Website: hyperanna

 

Internet

 

Social network

 

Blogs

 

Media

Cost Structures

 

 

 

Advertising

 

Human resources

 

Customer services

 

Technology

 

Taxes

 

R&D

 

Software developments

 

Revenue Streams

 

Sales

 

Investment funds

           

(Source: Hyper Anna, 2019; Smith, 2017)

1. Customer Segment: Hyper Anna has been gaining several customers from various industries and sectors. Hyper Anna has been successful in signing a corporate financial deal with financial services giants Westpac and IAG as customers and closed its first funding round (Hyper Anna, 2019). Hyper Anna is being demanded by several other businesses and organizations that seek suitable solution for their data analytics problem.

2. Key Partners: The key partners of Hyper Anna include Microsoft for its Azure cloud platform. Furthermore, the other significant partners include the investors Westpac's venture capital arm, Reinventure, Sequoia and AirTree Ventures. These investors have been supporting the growth of Hyper Anna, its innovative advancements and further business expansions.

3. Value Proposition: The value proposition of Hyper Anna lies in its innovative solution for data analytics as well as the use of artificial intelligence for the process the analysis of the large quantity of data such as that of the big data.

4. Key Activities: The key activities of Hyper Anna include innovations, data analytics, data processing, artificial intelligence, new digital developments and projects. The developers of Hyper Anna are completely focused on further development and improvement of Hyper Anna.

5. Channels: The major channels of Hyper Anna include digital store, its corporate website that is https://hyperanna.com/, internet, social network, blogs and media.

6. Revenue Streams: The major revenue streams of Hyper Anna include the sales and funds from the investors. It has closed its first external seed funding round of $1.25 million from Westpac's venture capital arm, Reinventure and AirTree Ventures, which it will use to hire more data scientists and developers ahead of plans to expand to the US.

7. Cost Structure: The cost structures of Hyper Anna comprise of the IT maintenance, advertising, human resources, customer services, technology, taxes, R&D and software developments.

8. Key Resources: The key resources of Hyper Anna include big data, focus on innovation, data analytics, and Azure cloud for data storage and processing. These elements enable Hyper Anna forms the major resources for the development and expansion of the firm.

9. Customer Relationships: The customer relationships are maintained by Hyper Anna through embership-based services and offering benefits for members. Hyper Anna also offers completely digital and automated services and provides the customers recommendations based on their requirements. The reputation of Hyper Anna has made it further popular amongst its customers.

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B. Interrelationships: The nine blocks of the Business Model Canvas provided details regarding the relationship between different factors that surround the business of any organisation these factors are essential to survive in the competitive global business market (Osterwalder,Pigneur,Bernarda, & Smith, 2014). The same has been identified with respect to the case of Hyper Anna. It can be determined from the nine elements that the integration of the artificial intelligence for processing the data analytics is indeed a unique and innovative idea and therefore, the same has provided the organisation with more profitability. Furthermore, the investment funds that Hyper Anna has been gaining from the investors such as Westpac's venture capital arm, Reinventure and AirTree Ventures, amalgamated with the clientele such as financial services giants Westpac and IAG would provide more growth opportunity to the business and aid in further development of it.

C. Critical Success Factor: The amalgamation of the artificial intelligence for the data analytics processes is a critical innovative factor that adds to the success of an organization. However, the further integration of big data in this process would be more critical as this would give rise to the concept of Industry 5.0 (Özdemir&Hekim, 2018). Therefore, it can be stated that the integration of artificial data with data analytics that is observed in case of Hyper Anna in itself is a critical success factor for the organization. However, there exists the position of further enhancement through the integration of more innovative and novel technologies.

D. Downside Risks: The major downside risks that are associated with the Artificial Intelligence powered data analyst Hyper Anna is that it cannot think creatively outside the box and offers solutions or answers to only what has been asked to it (Lath, 2018). Therefore, there exists the risk that in certain situation Hyper Anna might not be able to understand the command that is being given to her and may end up producing results that are unrelated or erroneous.

E. Changes to Business Model: Based on the deconstruction of the business model of Hyper Anna, it can be suggested that the company should focus on expanding its clientele so that it would gain more exposure in the market. Furthermore, Hyper Anna can also aim towards developing mobile application so that the clients can instantly access Hyper Anna as per their convenience. Furthermore, Hyper Anna can also approach towards offering data analytics for big data of larger or multinational enterprises such as Amazon.com.

Conclusion: Organisations with innovative ideas are able to gain success in the modern competitive market. Tothrive in the global competition, it is important to innovate business model of the company and incorporate technological advancements as the key foundation. It can be determined from the business model deconstruction of Hyper Anna that the amalgamation of artificial intelligence and data analytics, combined with big data can produce an efficient trinity which would eventually give rise to or give birth to Industry 5.0.

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Recommendations: The following are being recommended for Hyper Anna:

1. Introduce mobile application for enhanced customer services

2. Expand its clientele

3. Offer data analytics for big data for multinational or larger enterprises

It is expected that these recommendations would aid in enhancement of the business, thereby prove to be beneficial for the organization.

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