Transforming business

In the transforming business context, students develop, apply, and extend the learning strands through managing change in an existing business context. Students use business intelligence and user-focused processes to identify opportunities to transform existing businesses. Transformation may take the form of new products, services, processes, business models, and/or markets. Students assess the viability of recommended changes and evaluate the impact of this proposed transformation on other elements of the business.

Innovation

In the transforming business context, students apply their knowledge, understanding, and skills in the processes of innovation and design thinking to develop a new product or service or improve a process with a focus on growth or transformation of the business. Students:

• apply customer-focused approaches to identify ways to diversify or renew products or services to add value to the existing business
• explore these products or services through the generation and evaluation of qualitative and quantitative data to understand changing customer needs
• research and develop more effective employment, management, and/or communication processes, financial decision-making, and methods of production
• use a range of critical and creative thinking strategies to identify, test, and develop products, services, and/or processes in response to changing customer needs.

Decision-making and project management

In the transforming business context, students apply their skills in decision-making and project management, using tools to track and manage the transformation of established businesses. They consider the management of people during the transformation of business. Students may:

• track their progress towards the transformation of existing business models, including milestones and decision points and assessment of risk
• manage the collection and processing of information generated from the other learning strands to inform decision-making
• identify and apply change management tools and strategies to ensure successful transitions for a business and its stakeholders during transformation 
• use continuous feedback to inform responsive decision-making.

Financial literacy and information management

In the transforming business context, students apply their skills in financial literacy and information management to identify ways to transform an existing business, product, service, process, or business model. Students apply their knowledge of budgets and feasibility, business plans, and financial information to:

• devise a plan to transform the business, identifying inputs and associated actions
• use outcomes from break-even or cost-benefit analyses to identify the KPIs to be monitored as part of the transformation plan
• use cost-benefit analysis to analyse and evaluate the impact of digital and emerging technologies on the transformation
• prepare and present a plan for transformation to potential investors or stakeholders.

Global, local, and digital perspectives

In the transforming business context, students investigate the environmental, social, and economic factors impacting the business transformation. They apply their knowledge and understanding of ethical, responsible, and sustainable practices and government compliance to:

• analyse and evaluate the legal, corporate governance, and social responsibility implications of the business transformation
• identify opportunities for the business to meet emerging local or global needs 
• analyse and evaluate the opportunities provided by digital and emerging technologies in ensuring the growth and scalability of the business.