Any Takers 1

Business Model & Strategic Plan

Executive Summary

As an upstart division, which seeks to leverage on artificial intelligence and create products which have a great social impact, the division will seek to create a wristband which will be worn by people and will help assist in healthcare. The wristband will therefore monitor all the vital signs pf an individual and will be able to communicate to a central mainframe computer in case of any health concerns this information will be relayed to an individual’s phone thus allowing them to go to a doctor or seek physician help. The wristband will also be connected to the web if need be and will be used to access an individual’s health information which will help doctors make informed decisions about a patient (Nasi, Cucciniello, & Guerrazzi, 2015).

The product is thus expected to have a big impact in the healthcare industry and will help foster the company’s strategic plans and innovation models as analyzed below.

Analysis of the product

The product to be developed will be like a smart watch or a smart wrist band which can be comfortably worn by people and will be able to monitor key vital signs such as the heart rate, blood pressure and even cases of benign or malignant tumors. The wristband will therefore be connected over the web to a mainframe which will be used to hold the individual’s data and process all the data being relayed by the wristband in a real-time basis (Marcotte, Kirtane, Lynn, & McKethan, 2015).

The product will therefore seek to eliminate most healthcare problems by informing individuals when they have subtle changes or recurrent symptoms which have been noticed by the computer and have been reported to be alarming. Therefore, a certain level will be set to ensure that normal changes or fluctuations in the vital signs do not cause a panic but any repeated changes will be noted by the computer and the individual will be notified through their mobile phones about their condition or the need to see a physician (Nasi, Cucciniello, & Guerrazzi, 2015).

The product will therefore seek to address healthcare needs and will only seek to monitor vital signs of patients

Mission statement

Create healthcare solutions which are revolutionary and increase the efficiency of the medical industry while reducing healthcare costs.

Managing competition

To address customer needs and ensure that the division has a competitive edge. The division will seek to regularly interact with their clients by asking for any feedback on any changes which can be incorporated into the product. The company will also seek to involve majority of the target populations in the development of the product to ensure that most customers’ needs are incorporated into the product and ensure that it satisfies a large target market.

Therefore, the division will seek to constantly interact with their customers to ensure that they always produce products which are on the building edge and hence out maneuver their competitors in their market. Further, to ensure that there is increased efficiency in the division, the company will be run in a collaborative environmental culture to encourage innovation and creativity among the employees and ensure that any of the products made are in line with the changing technological needs. The division will also seek to make wristbands comfortable to the target customers and will even seek to make customized products in line with a specific customer’s needs. Therefore, the division will therefore seek to mitigate any growing competition by ensuring that they fully involve their customers in the development of any new product (Durham, 2014).

Business model and vision of the business

Vision

The company seeks to be the leading provider of technological gadgets in the healthcare industry aimed at increasing longevity of individuals and increasing efficiency of healthcare delivery.

Business models to be used

The business model will hinge on online advertising and marketing efforts to make sure that a lot of people become aware of the existence of the product. The wristband will therefore be sold from $300 to $600 depending on the age of the individual and the customizations they might want on their wristband. Therefore, the company will seek to co-operate with major healthcare institutions and sell the idea to major stakeholders in the healthcare industry in attempt to acquire a large base of customers and ensure that the division can break even (Nasi, Cucciniello, & Guerrazzi, 2015).

Further, the business models of the company will seek to develop other products hinging on artificial intelligence for the healthcare sector. The division will therefore seek to target members of the general population as their customer base who desires to have the wristband to monitor their health. 10% of the revenues accrued will therefore be used in R&D to enable the production of new products.

However, initial financing of the business will be provided by the main company which will seek to provide the resources needed for R&D, marketing and day to day operations of the business.

The value of the division and its alignment with the company’s vision and mission

The division plays an important role in the company’s value since it has enhanced the cultures of innovation and invention which are among the core principles of the company. The division has thus enhanced the company’s mission statement in which the company seeks to create innovative and cutting edge products with a big social impact. This is because, through the production of the wristband used in the medical industry, the division has been able to create an innovative product in line with the company’s culture which will have a great social impact since it will influence decisions on the healthcare sector and improve the efficiency of the sector, overall. (Brimmer, 2016).

How the vision guides the strategic direction of the division.

The mission and vision of the company have been able to guide the strategic plan of the division since they hinge on the objectives of the division. Thus, the vision and mission have guided the strategic plan of the division since their main core concepts have been able to capture the purpose of the division and the role the division can play in creating products which have a definite social impact (Marcotte, Kirtane, Lynn, & McKethan, 2015).

Thus, these principles have been the core values and will be the guiding principles as the division seeks to capitalize on artificial intelligence and make inroads in the medical sector and venture into an unknown field. Further, they also give direction on the projections the company should make in line with the market capitalization the division will like to have in the field and determine how the company will be able to price its products in the future or institute controls aimed at managing risks and foreseeable problems. Thus, the vison and mission statement of the company will, be the core principles which will guide the company on its path of innovation and ensure that the company creates excellent and affordable products to help lower medical costs (Marcotte, Kirtane, Lynn, & McKethan, 2015).

My guiding principles and values

In respect to the values of ethics, social responsibility and ethics, my guiding principles will be to involve myself in fair business practices to ensure that the division makes fair profits out of the new inventions and afford majority of the general population members a chance to have the product (Brimmer, 2016).

Further, the practices of the division will be geared towards having excellent business ethics in which diversity will be encouraged in the workplace and customer feedback will be highly valued about to the culture and beliefs of the target populations. Therefore, my core guiding principles would be to create a culture of honesty, trust and respect in the division to encourage creativity, innovativeness and inventiveness in the division and ensure that the employees create well-knit communities and teams which can deliver products within the expected timelines and at the minimal costs (Brimmer, 2016).

Further, to encourage an environment of openness, sharing and trust, ethics will be highly rewarded in the division to ensure that employees participate in ethical practices and ensure that the budget allocations and marketing plans are in line with the set goals and objectives of the company.

Conclusion

Thus, the division will seek to provide effective healthcare solutions using technology. Thus, by providing effective wristbands which can Monitor the vital signs of the general members of the public, the invention will be able to reduce the cases of hospitalization by more than 30% since it will be able to enable members of the public get early diagnostic tests. It is also expected to greatly reduce the costs of healthcare since it will act as a preventive tool by helping identify illnesses before they become major issues (Durham, 2014).