Business Canvas Model Of Expert 360 Samples †MyAssignmenthelp.com

Question: Discuss about the Business Canvas Model Of Expert 360. Answer: Introduction The given report will throw light on the business canvas model of Expert 360 which is a consultancy based in Australia. The report will be following a systematic outline whereby the various business components will be discussed followed by their key relationship with one another. Aspects of the consultancy firm, Expert 360 like downside risks, critical success factors and a comprehensive SWOT analysis of the business model will also be stated. Furthermore, the report will be providing certain recommendations based on the business model of the firm. Description of the Industry and Company Expert 360 is a consultancy firm based in Australia. The business provides one stop solution for the companies as well as the talented candidates (Sinkovics, Sinkovics Yamin, 2014). This is because the company brings about freelancers and firms together providing them flexibility as to with whom they want to work and the manner in which the work was carried out. Hence, the company utilizes technology to connect the various companies with qualified professionals (TechCrunch., 2018). The company was found in July 2013 and has its headquarters in Sydney, Australia. It is a privately handled company found by Emily Yue and Bridget Loudon. Recently the company raised $10 million recently in 2017. Website : https://expert360.com/ Services offered The firm helps organizations to hire the best talent for a limited period of time for certain specific business enterprises (About Us - Expert360., 2018). The company manages 19000+ consultants, and helps firms to have access to the industry`s best talent in domains like management, technology, Finance, Sales, Operations and Human Resource. Business Canvas Model Key Partners The Key Partners are an important aspect of the business organization because it helps in operations of the business organization and also reduce risks. Business organizations generally tend to engage in supplier buyer relationships to concentrate on their core activities (Bocken et al., 2014). Expert 360 makes use of many partners like business houses, Shared Service centers and the employable candidates themselves to look after the various business processes. Profound relationships with regulators and the legislators are also considered to be extremely important (Muhtaroglu et al., 2013). Key Activities The primary activity which Expert 360 engages in is the hub which it creates for top talented professionals and the companies so that they can carry out their activities. Value Proposition Expert 360 deploys the right people to the right organization for the right period of time (Massa Tucci, 2013). Customer Relationships The customers of Expert 360 are the individuals and the firms. The company maintains its relationships through giving them advice, providing them services, helping them in all legal procedures and conducting various meetings with them (Armstrong et al., 2015). Customer Segments The primary customer segments of Expert 360 are the professional who would like to engage them in short term projects with various organization. The companies who would like to hire these highly qualified professional are also a customer segment group (DaSilva Trkman 2014). Key Resources The key resources that Expert 360 has access to are the: Hr Candidate Database Hr tools Technology Office High potential employees Channels The channels which Expert 360 makes use of are : Tele-communications and Technology Internet and Website portal Cost Structure The costs associated with Expert 360 are : Technology Staff Office Costs Revenue Streams Fees from the candidates from registration Company fees Advertisements Primary relationships between the 9 building blocks The business canvas model often describes the relationship that exists among the various components of any business organization. Any canvas model is incomplete without having relationships with each other as a change in one component can lead to a change in another. For instance, in the case of Expert 360, the cost and revenue structure is highly related are highly related as they go a long way to help the firm to determine the revenue charges and structure based on the costs the business incurs (Carayannis, Sindakis Walter, 2015). Any change in the cost component will have a huge impact on the revenue aspect also. In the same manner, if the key resources of the firm, which at the moment comprise of its employee base, office , technology and others go through certain additions or in that case certain changes, then the company`s cost structure might also be affected(Barquet et al., 2013). The value proposition offered by Expert 360 may also have a huge impact on the revenue it earns. In cases, where the value given to the customers is preferred by them then, the revenue of the business has high chances of changing accordingly. The channel chosen by Expert 360 will also have an impact on cost structure of the firm. Different channels comprise of different charges and in case alternate channels are employed then the company might have to change its structures for cost. The primary purpose of the business model is to brief a summary of what is being offered by the firm to the customers and how will it source those resources. A business is a connected unit and therefore, the blocks are interdependent on one another. SWOT Analysis on the business model Figure 1 : SWOT Analysis of the BM of Expert 360 (As created by the author) Critical Success Factors for sustainable business success The Key Success Factors employed to attain sustainable success are : Understanding Client Requirement The primary critical success factor of Expert 360 is that the company needs to understand the varied needs of the business consumers (Schaltegger, Hansen Ldeke-Freund, 2016). The business enterprise needs to have a defined description of the kind of employees it is looking out for and the consultancy group should be able to have an exact candidate network for it. Without understanding the requirement, the procedure cannot be successful. Ability to connect the right client to the right consumer There are a large number of options available on both the side of the market. Various companies often look out for various candidates and in the same manner the employees often look out for jobs, however the success of Expert 360 lies in seeing to it that the right employees are connected to the organizations most suitable for them. A large candidate pool When the firm, Expert 360 will be dealing with companies who require short term and highly qualified employees, then the consultancy would be required to have access to a large number of highly qualified employees (Joyce Paquin, 2016). Causes leading to potential down side Risks Downside risk can be described as a risk which is a result of the changing market condition. The downside risk in the case of Expert 360 is as follows : Emergence of a new competitor- According to Kiel (2014), if a new competitor with a better pricing andmarketing strategy and providing a global access to the firms, emerges the Expert 360 might face cut throat competition and it could result in huge losses for the company. Emergence of a policy related to employees in Australia- Secondly, the labor and employee laws are extremely difficult to abide by and the consultancy should see to it that it stays updated with laws. If the government forms a new law stating that the company cannot indulge in hiring of short term workers then the whole model of Expert 360 might face a huge blow. Recommended Changes to the Business Model According to Hong Fauvel (2013), a business model should be ever changing and should be having the capability to adapt to the distinct needs of the external business environment. Given below are certain recommended changes to the business model of the company that will assist it to carry out business more effectively: Introducing Full time employee package- As the consultancy has achieved huge success in its short term employment scheme , it can make certain changes to the value proposition offered by the firm and offer the firms as well as the candidates an opportunity to get hired for a full time position. Partnering with Various universities- In a way to increase its business network, the consultancy firm can also partner with universities which are a storehouse of young and budding talent (Sutton-Brady, Kamvounias Taylor, 2015). If the firm is able to partner with them, then it can go a long way in seeing to it that it has a considerable pool of candidates for the demands placed by the organizations. Conclusion Therefore, from the given analysis it can be stated that business model forms a relevant ground for analysis. Expert 360 is an emerging business with a unique idea of connecting the highly qualified employees who like to function on their own terms to business organizations who often conduct short term projects and would like to save costs and hire temporary team. The given report summarized the business operations of Expert 360 and provided a brief analysis of their Business Canvas model using the 9 block framework. That was followed by a relationship summary between the 9 blocks followed by the SWOT Analysis of that model. The critical success factors related to the business had been identified along with causes of downside risk. It was observed that if the firm wishes to survive in the competitive business market then it needs to adjust to the changing needs. References About Us - Expert360. (2018).Expert360.com. Retrieved 24 March 2018, from https://expert360.com/about Armstrong, G., Kotler, P., Harker, M., Brennan, R. (2015). Marketing: an introduction. Pearson Education. Barquet, A. P. B., de Oliveira, M. G., Amigo, C. R., Cunha, V. P., Rozenfeld, H. (2013). Employing the business model concept to support the adoption of productservice systems (PSS).Industrial Marketing Management,42(5), 693-704. Bocken, N. M., Short, S. W., Rana, P., Evans, S. (2014). A literature and practice review to develop sustainable business model archetypes.Journal of cleaner production,65, 42-56. Carayannis, E. G., Sindakis, S., Walter, C. (2015). Business model innovation as lever of organizational sustainability.The Journal of Technology Transfer,40(1), 85-104. DaSilva, C. M., Trkman, P. (2014). Business model: What it is and what it is not.Long range planning,47(6), 379-389. Hong, Y. C., Fauvel, C. (2013). Criticisms, variations and experiences with business model canvas. Joyce, A., Paquin, R. L. (2016). The triple layered business model canvas: A tool to design more sustainable business models.Journal of Cleaner Production,135, 1474-1486. Kiel, I. H. (2014). Entrepreneurial marketing. Massa, L., Tucci, C. L. (2013). Business model innovation.The Oxford Handbook of Innovation Management, Oxford University Press, Oxford, 420-441. Muhtaroglu, F. C. P., Demir, S., Obali, M., Girgin, C. (2013, October). Business model canvas perspective on big data applications. InBig Data, 2013 IEEE International Conference on(pp. 32-37). IEEE. Schaltegger, S., Hansen, E. G., Ldeke-Freund, F. (2016). Business models for sustainability: Origins, present research, and future avenues. Sinkovics, N., Sinkovics, R. R., Yamin, M. (2014). The role of social value creation in business model formulation at the bottom of the pyramidimplications for MNEs?.International Business Review,23(4), 692-707. Sutton-Brady, C., Kamvounias, P., Taylor, T. (2015). A model of supplierretailer power asymmetry in the Australian retail industry.Industrial marketing management,51, 122-130. TechCrunch. (2018).Australias Expert360 raises $10M for its freelance consultant marketplace. Retrieved 24 March 2018, from https://techcrunch.com/2017/07/24/australias-expert360-raises-10m-for-its-freelance-consultant-marketplace/