Focus on Customer Relationship and Cost Structure

Introduction

Business model can vas is determined here as an essential and effective tool for the business aspect, including business dissertation help. The two aspects are Resources and customer relationship that is being highlighted here for the proper understanding of business model canvas. This business model canvas generally helps in understanding the business model of own or that of the competitors. Thus the strategy can various decisions can be easily designed by this business model canvas here. This business model canvas consist of nine sections, that is customers, values proposition, key resources key activities, Customer Relationships, Channels, Cost Structure, Revenue Streams, key partners, Social & Environmental Costs and Benefits. But the main focus will be on Customer relationship and cost structure. These two are chosen to describe the economic condition and proper management of customers in an organization.

Business model canvas

Wagestream is an organization situated in UK that is based on financial department. The payday loans are being avoided by the help of this organization for the workers. Cashflow is in positive and seen to be revolving around the company’s bank account and the employer’s bank account. The workers are allowed to stream their wages into its account for the getting a good returns. Wages, loan, investment are done in this financial firm so that the workers can get a good returns in future (Joyce, 2016). It is primarily situated in London and established in the year 2018. IT gained a good name in financial field in short period of time. The total funding in this organization is around Euro59.5M and a good employee structure. The proper information regarding its Business model canvass is being demonstrated here by showing customer relationship and cost structure. The resources present in the Wagestream are compose of the employees, tools technologies, investor and the funding that are being done for the proper development and business model (Meertens, 2018). The cost structure determines the division of cost among the employee’s and the stakeholders’ that are present in the organization. Various series are available for the proper determination and describing the cost and funding by the organization here.

Working on Business model canvas

I myself felt that sing business model canvass can be a beneficial one than the others model or working in a group. A real clarity of business can be achieved by this method. Wagestream business model is being understood by us properly by this business model canvas. A proper management of task and time is achieved by this method in business. Speed and agility regarding the business can be gained easily by this business model canvas as can be seen from various examples. We are able to focus on the information and criteria that is required here in this business model. We can even see that this business canvas model is better than any other business plans or working in groups. Moreover a unique solution the customers problems c an be achieved and solved here by this business model canvas. A clear costing structure can be achieved here by this business model canvas.

The individual and group working are said to be beneficial for completion of any task. But the groups are highly generous and useful for the completion of any task in the organization. While working in groups the task are seen to be proceeded in agility and with a fine speed so that it can be completed easily within given deadline. The collaboration and team work helps in brain storming in a group task that is missing in individual task. The solution of difficult task and creativity can be seen easily in the group task rather than in the individual tasks. I will be suggesting Belbins theory that will be helpful in preceding the team work. This Belbins role is based on nine principles that is any members can be performing nine different tasks that is available in the organization. Another model can also be followed is of Tuckman that is forming, storming, norming and performing that can be applied in the groups while completion of any task.

Skills used in development of business model canvas

A digital and various new skills are applied here for the development of the business model canvas available. Several new devices and technological aspects such as introduction of IOT, artificial intelligence or neural science in the field of business can vas model can be beneficial one. I can see that application of multimedia and biometrics are also helping the business mode l canvas to develop. Special data and digital resources are being used in the advancement of this business models. We can observe the best entrepreneurial skills are applied to the organization for the better results of this business model canvas. The gaps can be filled easily by help of introducing the various skills and technologies so that the groups work can be enhanced easily. According to various of the sources available these skillsets are said to be useful for the groups task performance. In this digital era I can say that the existing digital and data skill are useful for the completion of any task in the organization for the groups’ task available. The group’s activities can be supporting and completing the task easily by the help of these skill sets and technology. The new available tools and technologies are quite useful for the task to be completed in an ethical way in the organizations.

Advancement in technology for Business model canvas

IOT can be used here for the business development and a good management structure of Wagestream. IOT can help the team to work in an ethical manner so that they can resolve any risk or milestones that can be seen in the business or marketing structure of Wagestream. There are following advantages that can be gained through IOT:

A good business opportunity: A new and enhanced business opportunities ca n be gained through the business mode l canvas here.

Efficient: A connection with numbers of people can be achieved here easily. Connectivity and real time insights can be gained through this IOT easily for the Wagestreams business.

Cost effective: Productivity and efficiencies are present there to gain a good expenditure for their business maintenance.

Safe and secure: monitoring process is easy through the business model available here. The coordination and connectivity can help in enhancing the business easily.

The advance in technology and tools in Wage stream or any organization can be facing several of the issues. According to me the first issue can be of expenses that are needed to be introduced while purchasing those costly and advanced technologies in the organization. Then the issues can be seen of privacy and protection related to the new advancement the company. New challenges for the technological aspect can be seen to be useful in this part for the advance use in the technology. The economy and the technology is a useful method that can be applied here in the organizations but the various technological issues can be seen here properly.

Innovation in Wage stream

Innovation is still required in the Wage stream regarding the business and marketing aspect so that a good marketing aspect can be gained here. I will suggest improving the innovation in sales and customer relationship regarding the business model of Wage stream. A cost and expenditure si also required to be enhanced in this case. A good marketing position must be thought to be gained for the business to boost. Moreover innovation can be achieved in the employee management and relations among the Wage stream. As suggested the tools and technologies must be applied in the organization to gain a good business perspective [Referred to Appendix 1].

Resources

Wage stream have ample resources that help in its good business and marketing structure. On e of the important resources present is their investors and the partners that work for their organization here. A partnership with Fourth the organization based on producing software and technologies are seen in this case. The hospitality and the control over their payment can be seen in this partnership. Other exclusive partners that is present for Wagestream helps in hospitality and support for financial health and welfare. They also help in reducing the competence and the extra cost that can be constituted by the company. The investment in various other equipment and materials can be controlled by these measures applied in the organization. Modern tools and technologies are present in then organization that can be considered as essential resources for the organization here. Their partnership prays goodwill for whole UK (smarthostingplans.com , 2019).

The other partnership was with Sirenum. Sirenum that is known for its technological and solution for various IT products can be a profitable partner for the Wage stream. A strategic and proper decision partnership is being oriented by both of them. Sponsorship and collaboration among these two organizations can be seen for their positive future (Nekoei, A. and Seim, D., 2019). An advantage fr om this business integration can be gained by these two organizations and thus this partnership can be a profitable resource for Wage stream here. Few of investor is also present that helped Wage stream to grow such as Village Global, QED investors and various others. These investors are also an important asset for the organization that helped it to grow and develop in the business market. The business perspective is being fulfilled by the help of their methodology available. Funding and other cost expenditure help is also being supported by these investors and partners.

Series A was disclosed for around E51 million by the Wage stream. These were supposed to be coming from the northern and other organization that helped in the investment purpose. It was around E 40 million funds were raised in 2019 by Wage stream from one of its investors. The valuation of the organization is higher and is helpful for them to invest in the market. In may 2019 around E15 million fund were raised which was determined as series A funding that was also provided by one of the investors for Wagestream. Wagesteam have a total 16 number of investors for the investing and funding for their organization. Current investment deal amounts to $19.5 million . A proper investment and CAP values of Wagestorm is defined here by the data.

Figure 1: investment and funding on Wage stream

Employers are the resources that help Wage stream to grow and get a good business perspective (Hennebry, 2016). The board members and the management team are also an important resources present in Wage stream [Referred to appendix 2].

Cost structure

The cost structure can be determined to be divided into the employees, tools and technologies utilized in organization, resources and other implementations. Wagestream is composed of 800 employees who enjoy a good salary structure that is positively divided in the organization. Their annual salary is around E25K and the turnover per staff is around 25 percent. The average savings is considered here to be around Euro1,000,000. This is the cost required to be structured properly in the Wagestream and is also divided among the employee and other stakeholders properly. Lowering of the debt and the loan is being initiated by the cost structure present here. Then the cost is being structured for the training and the planning for the future. The resources and the tools also consume a good cost that is being seen in this part easily. Needs and requirements is also a part of this cost structuring here the requirements of the organization needs to be structured as per the demands. Then the launching and review of any product here in the company also requires the expenditure of money that is being structured here properly.

Most of the costing is also divided on the raw material and the resources that re to be implemented in the organization (Maziriri,, 2018). The cost structure and the distribution of this costing is highly necessary to be seen in this part easily. Ideas and innovation is seen to be important part of these cost structure in Wage stream. Consumers, entrepreneur and others stakeholders are seen to be distinguished properly for the cost structuring here. It raised around 40 million for the customer and shareholders available for the business purpose. The interest and other payment can also be seen in this part for the better structuring and implementation of these costs. Long term goals and capital investment is being looked by the better future of the organization.

Savings and preserving the money for future can be seen here possibly important for the future. These are also an important one for the future investment plan and costing. The payday loans and salary division are also seen to be an important one for the structuring of cost (Branger, 2016). Wage stream investment can be seen for the better understanding of these cost structuring and the enhancement of these cost structuring with few years. Effectiveness and support by the organization can be understood by the help of this investment process here. The flow of cash is being seen to be demonstrated between the company account and the bank account. Wage stream provides E320 for the withdrawal process.

Figure 2: Wagestream investment for 2019

The cost structure available in the wage stream is an essential and easy part that can be said to be useful for its strategic implementations. The costing can be seen between the employees, investment, funding, stakeholders and various others in organization. Then the maintenance fees and the money be required for the development of the organization can be seen to be initiated here possibly by the organization. The raw material required for the infrastructure of the company and for letting a good work environment is also initiated by the costing structure here in Wage stream (wagestream.co, 2019,).

Conclusion

Thus it can be concluded that business model canvas is an essential part of organization. This Business model canvass generally determines the strategy and decision that is to be taken for the business here. The business model here is determined on two basis that is resources and the cost structure that is to be provided for the organization. The resources are the funding, investment, and the tools that are required in the organization, these resources are said to be essential part of both the organization as well as for the business model canvass here. The other part that is included with the resource is the costing structure. The costing structure is present for the different cost that is to be applied in the organization. The cost investment and expenditure that is being seen in this paper are raw materials, employees and the loan and various others. There are other nine aspects of this business model canvass that is also an useful for the understanding of the business.

Appendix 1: the wage stream Organization

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