Business Model Analysis Of BodyTel Application By Lifespot Health Ltd

Business Model Canvas Elements

Lifespot Health Ltd. focuses on the commercialization and development of the medical diagnostic tools as well as the monitoring technology solutions in Germany and Australia. The application and systems help in using the medical facilities by using the Smartphone devices. The application saves the time and money by providing the real-time medical advice and recommendations. The current world is generally driven by the internet and Smartphone devices (França et al., 2017). The society is becoming independent in fulfilling their medical needs by using these advanced telemedical systems. The company is currently developing the application called BodyTel, which facilitates the chronic disease management (LifeSpot Health. 2018). It works as the indicator to measure the disease and prescribe therapies for the detected disease. The study will focus on the business model development to analyze the feasibility of the product.  

The business model canvas maintains the global standard for describing, challenging, designing, and pivoting the business model (Joyce & Paquin, 2016). This business model canvas works well to develop the value propositions and execute the strategic ideas by implementing necessary processes and technicalities. The structured business model canvas includes several components that help in measuring feasibility of the product. The following description will develop the understanding regarding these building blocks.

• Customer Segments

The BodyTel application helps in detecting the chronic disease and providing the recommendations for the necessary medical treatment. People who have been using their Smartphone to get access to such types of medical facilities can avail the opportunity more significantly. The customer segment for this specific application is the tech-savvy customers and the business professionals. These customers are quite frequent and interested towards using the mobile devices and internet for various purposes.

• Key partners

Selection of the key partners is essential to ensure the high quality products or service for the customers as per their preferences (Dudin et al., 2015). BodyTel application detects the health condition of the patients instantly and provides the solution to treat in a better way. In order to ensure the systematic function of the application, the company requires involving the IT professionals, advisors, and medical practitioners. The IT professionals help in installing the necessary software to detect the medical condition and ensure whether the software works accurately. The medical advisors and the professionals would share the knowledge through the app to understand the treatment appropriately. With the help of this information, the customers would be able to take the further steps of treating the patients after detecting the disease.

• Value Propositions

Key Success Factors of the BodyTel Application

The development of the value proposition segment helps the company to gather more customers or users for and generate more profits (Vargas, Calva & Camacho, 2015). The BodyTel application is manufactured for reducing the time and cost of searching medical facilities. Patients can easily access their Smartphone and utilize this advanced method of detecting medical disease. The users will even receive the appropriate guidance regarding the method of using this application. The user-friendly application saves the time and cost of the patients of identifying the health issues. They receive adequate time to start the medical treatment according to the health status identified through this application. This user friendly advanced technology creates the appropriate value propositions for generating benefits in future.

• Key Activities

Identifying the key activities provides the idea about the sequential steps that are needed to be undertaken for using any specific product or service (Plenter et al., 2017). The BodyTel application is the chronic disease detector that observes the health condition and assists with the function measure. After identifying the health issue, this application prescribes the suitable therapies to treat the medical condition of the patients. The appropriate guiding and monitoring process is informed trough this application that helps the patients to save time and start the treatment as soon as possible.

• Channels

Selection of the appropriate channel to ensure the appropriate functioning of the product is one of the major segments of the business canvas model. BodyTel application is accessible through the Smartphone device equipped by the advanced technologies. The software pathway is used to get the access to the accurate health detector location.

• Revenue Streams

The business model canvas suggests the exact source of revenue while introducing the innovative product or service (Williams, 2014). Lifespot Health Ltd generates the revenue from the installation charge and the extra advisory application. When the customers are downloading the software and installing it, they need to pay a minimal amount to the installation site. On the other hand, in case of seeking the extra advices regarding treatments, they need to pay from their end. The monthly subscription is also available from which the company generates revenue.

• Cost Structure

The division of the cost structure helps in identifying the accurate functioning of the application. The cost structure estimated for this application is described below:

Table 1: Cost Structure

(Source: Created by the Author)

• Key Resources

The selection of the key resources is another major segment of the Business Model Canvas (Bolz, 2018). Lifespot Health Ltd. has introduced BodyTel application that detects the chronic disease. This online application requires the highly advanced software and strong internet connection. The user-friendly website design is also required to make it usable for the customers. The capital resources are necessary to invest on these software and hardware systems. The involvement of the IT professionals and healthcare practitioners is necessary for the making the application work appropriately.

• Customer Relationships

Limitations

The customers in this internet-driven world seek more information prior to use any specific application or software. Therefore, maintaining the appropriate customer relationships and satisfying their preferences are crucial to business success. The company requires maintaining the effective customer relationships by allowing them to utilize more user-friendly application that saves their time and cost in detecting and treating the chronic disease. The application requires including more appropriate information that is understandable to the customer (Dijkman et al., 2015)s. It will be helpful enough in maintaining the effective relationships with the customers.

The building blocks are quite interrelated to each of the activities. The major focus of this application is to reduce the time and cost of detecting the health issues and starting the treatment quickly. The selection of the customer segment helps in reaching out to the target users who are quite tech-savvy and would be interested to adopt such advanced methods of treating patients as per their convenience. The association of the key partners will be helpful for the operational purposes. They help in developing the systematic steps for making the application work accurately. The use of the appropriate channel makes the application works smoothly and it ensures the pathway to detect the disease more accurately. The advanced method is developing the value proposition, which generates more profit for the company in a broader way. In order to gain profits and generate more customer support, the company requires establishing the appropriate budget and identifying the cost stream (Muzellec, Ronteau & Lambkin, 2015). It provides the outline of recognizing the areas of increasing profits. The investment of adequate capital and human resource would ensure success in such cases. The customers would be more reliable if this application satisfies their needs in a more commendable way.

The company requires observing the critical success factor prior to launching any specific application. This BodyTel application helps in providing support to the people whenever there is the requirement of any medical treatment. The telemedical system enables the reduction of the health care costs and looking forward to improve the quality of patient care in a significant way. The modern software used in this application is combining the self-algorithms that allow the patients to diagnose the critical conditions and diseases by using their Smartphone.

The major limitation or the downside risks of this application is the lack of adequate knowledge about using the technology and slow internet connectivity. The customers need to be knowledgeable enough to use this application. The slower internet connectivity can slow down the entire disease detecting process.

The business model canvas describes the sequential activities that help in detecting the chronic disease and providing recommendations for better treatments. However, the application could have included the separate page for customer help. If the customers are unable to use any specific application or need any advice, they could directly seek help from the advisors or professionals. Making these modifications could have been better to overcome the barriers recognised in this application.

Conclusion

The study identifies the business model canvas for introducing BodyTel application by Lifespot Health Ltd. This advanced technology helps the customers to save their time and cost in detecting the chronic disease and undertaking the appropriate steps to treat the patients as soon as possible. The discussion of the business model canvas identifies the recognizable barriers that might be encountered by the customers. Considering these barriers, the following recommendations are provided.

• Creating a separate page for seeking advices whenever the customers will be stuck
• A page is needed to be created for guiding the sequential and systematic steps
• The antivirus software is needed to be used for detecting the malware

References

Bolz, K. (2018). Tackling global health challenges with telemedicine. ORBIT Journal, 1(3).

Dijkman, R. M., Sprenkels, B., Peeters, T., & Janssen, A. (2015). Business models for the Internet of Things. International Journal of Information Management, 35(6), 672-678.

Dudin, M., Kucuri, G., Fedorova, I., Dzusova, S., & Namitulina, A. (2015). The innovative business model canvas in the system of effective budgeting.

França, C. L., Broman, G., Robèrt, K. H., Basile, G., & Trygg, L. (2017). An approach to business model innovation and design for strategic sustainable development. Journal of Cleaner Production, 140, 155-166.

Joyce, A., & Paquin, R. L. (2016). The triple layered business model canvas: A tool to design more sustainable business models. Journal of Cleaner Production, 135, 1474-1486.

LifeSpot Health. (2018). Home – LifeSpot Health. [online] Available at: https://lifespot-health.com/ [Accessed 3 Aug. 2018].

Muzellec, L., Ronteau, S., & Lambkin, M. (2015). Two-sided Internet platforms: A business model lifecycle perspective. Industrial Marketing Management, 45, 139-150.

Plenter, F., Fielt, E., Hoffen, M., Chasin, F., & Rosemann, M. (2017). Repainting the business model canvas for peer-to-peer sharing and collaborative consumption.

Vargas, I. S., Calva, A. L. G., & Camacho, J. H. (2015). Business model canvas. Ciencias Huasteca Boletín Científico de la Escuela Superior de Huejutla, 3-5.

Williams, D. S. (2014). Connected CRM: implementing a data-driven, customer-centric business strategy. John Wiley & Sons.

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