e-businessguide - Innovation and imagination

If the Internet is going to add value to what a business currently does then there needs to be some imaginative and forward thinking by the business owner in order to identify and anticipate all the opportunities e-business offers, and the challenges and threats to the business.

For example, a business might ask how society and the economy are changing as the Internet and communications makes this a smaller world. How does this impact on the business, the customers and suppliers? How might e-business impact on the organisation's triple bottom line - people, profits and the environment? These are the types of big picture questions and issues that an organisation should consider as part of the planning process and beyond.

What to do

Undertake a Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis. It is an effective way of identifying and discussing responses to the changing landscape in which all businesses operate. Such an exercise might raise and address issues like:

What new information, products and services might be possible via the website?
How are the demands and expectations of online users, customers and audiences changing?
Who might emerge as competitors, given that the Internet is borderless and it lowers the entry cost to entering new markets?
What internal procedures and processes, developed over time and for the conduct of your business in the physical world, could be improved or even replaced by using the website - eg what workflow re-engineering is possible that would lead to greater efficiencies, customer satisfaction and profit?
What new laws, social habits and consumer patterns are emerging that you need to respond to?
What impact will your e-business have on your current partnerships and what new ones might or should emerge?
What will happen if you do not develop an effective e-business plan?

Innovation and an imaginative approach to tackling problems requires a working environment that encourages open discussion and supports risk-taking.

Visit the National Innovation website - the objective of the National Innovation website is to raise awareness of the importance and benefits of innovation and entrepreneurship for all Australians. This website has been developed, and is maintained, for the National Innovation Council as part of the National Innovation Awareness Strategy by the Department of Industry, Tourism and Resources, Australian Government.

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