Release 

Comments 

Release 1

This version first released with BSB Business Services Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Compare the business with competitor businesses

1.1 Investigate information on business markets, customers and methods of doing business

1.2 Analyse and compare the current market for the business and the customer base with typical business markets and customers

1.3 Analyse and contrast current business relationships, business processes and methods of doing business with other innovative businesses

2. Identify business opportunities for innovation and reform

2.1 Investigate business strategies to identify opportunities for innovation and reform

2.2 Assess opportunities for their compatibility with business goals and objectives, and conduct a cost-benefit analysis for each

2.3 Evaluate the degree of likely change and the ramifications for the business and its culture for each opportunity

2.4 Conduct a risk management analysis and formulate a plan for dealing with contingencies according to organisational requirements

2.5 Rank opportunities in terms of their viability and applicability to the organisation

2.6 Include opportunities for innovation in the organisation's business strategy and prioritise them for implementation

3. Implement innovation

3.1 Redesign aspects of the business in an innovative manner according to the organisation's business strategy

3.2 Integrate innovation into the business and monitor to gauge usefulness and maximise implementation

3.3 Review business innovation in consultation with users and make recommendations for improvement or further innovation

Skill 

Performance Criteria 

Description 

Reading

1.1-1.3, 2.1, 2.2

• Sources and interprets a variety of textual information including industry and technical data required to plan, implement and review a strategic initiatives
• Analyses organisational information using appropriate financial data to assess strategies

Writing

2.4-2.6, 3.1

• Researches, plans and prepares proposals, reports and other supporting documentation for relevant stakeholders in accordance with organisational requirements

Numeracy

2.2

• Selects and uses familiar mathematical techniques to determine costs and benefits associated with strategic decisions

Get the work done

2.1-2.6, 3.1-3.3

• Accepts responsibility for planning, sequencing and completing complex tasks, negotiating key aspects with others and taking organisational strategy into account
• Systematically gathers and analyses all relevant information and defines options to implement innovations
• Evaluates outcomes to identify opportunities for improvement

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

BSBMGT619 Identify and implement business innovation

Not applicable

New unit

No equivalent unit

Release 

Comments 

Release 1

This version first released with BSB Business Services Training Package Version 1.0.