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Robert answered on Dec 21 2021
Managing innovation and technology
Managing innovation and technology 1
Managing technology and Innovation
Managing innovation and technology 2
Executive summary:
Technology and Innovation has changed the face of the global world today, the companies are
focusing on building innovative products across the market. ‗Smart phones‘ are one of the most
innovative products that have been developed by the organizations so as to fulfill the needs and
requirements of the consumers across the globe.
In this paper, we will focus on the opportunity to develop a ‗Key card‘ at a cost of £4M for a
UK banking firm to supply their customers as a security measure for mobile banking by Sony. A
‗Key card‘ is a small handheld device (like a calculator) that provides a unique PIN in real time
that you read from your device and use when making a mobile banking transaction.
Managing innovation and technology 3
Contents
Executive summary: ...................................................................................................................................... 2
Introduction: .................................................................................................................................................. 4
Mobile banking technology: ......................................................................................................................... 4
Innovation Review: ....................................................................................................................................... 5
Understanding customers: ........................................................................................................................... 11
Attribute ranking: .................................................................................................................................... 13
Innovation Planning: ................................................................................................................................... 13
Market Forecast: ..................................................................................................................................... 13
Revised forecast: ..................................................................................................................................... 15
Innovation practice: .................................................................................................................................... 15
Innovation case study: ............................................................................................................................. 16
Interproject learning: ............................................................................................................................... 18
Culture for innovation ................................................................................................................................. 19
Learning for innovation .............................................................................................................................. 20
Change process ........................................................................................................................................... 20
Barriers and enablers to change .................................................................................................................. 21
Barriers: .................................................................................................................................................. 21
Enablers of change: ................................................................................................................................. 23
Conclusion: ................................................................................................................................................. 24
References: .................................................................................................................................................. 25
Managing innovation and technology 4
Introduction:
The companies are strongly focusing on innovation with a strong focus on innovation and
change, the development, application, and enhancement of new technologies are occurring at a
breathtaking pace, and innovation is determining the way business is being conducted. With the
increasing number of new ventures, products, technologies, and patents the companies have to
have a very strong focus on innovation and change with the help of which the companies are able
to survive in the competitive world today. The companies are focusing on redefining their
markets, restructuring their operations, and modifying their business models so as to cope up
with the competition. With a focus on innovation and change the companies are moving ahead
and attaining competitive advantage so as to survive in the competitive market. With a focus on
innovation the companies are able to focus on different opportunities and taking the advantage of
the opportunities.
The business environment in today‘s time is strongly filled by ambiguity and discontinuity, to
evade from this the companies needs to strongly focus on improvising and experiment different
things so as to as attain sustainable competitive advantage, Innovation does not result into
immediate result, the innovation undertaken takes time to produce effective and productive
results.
Mobile banking technology:
Mobile banking is for people on the move who want to access their bank accounts and transfer
funds anytime, anywhere through their phones without visiting banks in person. Mobile
applications provide the advantage that can be accessed from anywhere and anytime. The
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nowadays companies have many branches in different locations from the world. Their employees
need to move from a location to another, in order to fulfill the company needs. They are using
mobile applications in order to access resources from different locations. Mobile applications are
defined as internet applications that fit very well in the mobile computing environment. The
mobile computing can be viewed as an extension of distributed computing types adding mobility
to host computers.
Mobile banking provides a means for the rural poor, in particular, to access much-needed
banking services. It is enhancing incomes and offering an important avenue for saving. With
operators scrambling to establish a foothold in the market, we expect to see the continued
expansion of mobile banking in the global world.
For people who do not have access to traditional banking services, mobile banking is an
attractive solution, offering services at any time. Apart from managing their bank accounts,
customers can pay for goods and services, settle utility bills and pay for mobile phone top-ups.
Any low-cost handset can support these services. These factors make mobile banking
particularly suitable for low-income households and people in rural areas, who may be unable to
get to banks during opening hours. In addition to the pure convenience of the service, it is cheap
compared to traditional money transfer service operators such as Western Union. Furthermore, it
offers a relatively safe means of transporting and transferring sums of money, and is therefore
attractive to small-scale traders.
Innovation Review:
Mobile commerce, in layman's terms, refers to the exchange of goods and services using a
mobile device such as a mobile phone or a PDA. M-commerce is slowly and steadily gaining on
popularity due to many reasons - the increasing ubiquity of mobile devices and the anywhere,
Managing innovation and technology 6
anytime connectivity offered by mobile clients being a few of them. Mobile banking is an
important application of mobile commerce and involves conducting banking transactions through
a mobile device.
This may include account balance and statement enquiries, fund transfers, paying bills, etc. The
sensitivity of the data transferred is evident and hence, is the need for security. Use of SMS can
be seen commonly in m-commerce, for instance, in m-banking where banks send the last
transactions in the user's account through SMS to the user. Security is an important concern in
such a scenario along with the limited range of services that can be offered. Security is also a
concern with WAP where the WAP Gateway presents a weak link in security with the need to
incorporate the mobile operator in the trust chain. An end-to-end security solution is a better
alternative for secure m-commerce architecture. .
The mobile banking has one of the major concerns which relate to the security of the bank
account, with the introduction of the key card, the banks will be able to provide high end security
on the Mobile banking with which the company will be able to have enhanced security and
mobile banking transactions.
Stakeholder’s Analysis:
Stakeholders are an important aspect and part of the organization. The stakeholders of the
company include the owners, employees, investors, customers and local community. The
stakeholders of the company consists of owners, employees of the company, the customers, the
governments, authorities, people from entertainment industry, the suppliers and event organizers
etc. (Clarkson, 1995)
A strong emphasis needs to be given to the group of the customers as they form the most
important part and aspect of the organization. The company gives a strong focus to its customers,
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as they are the people for whom the company strongly works on. The company strongly focuses
on enhancing the security concerns of the Mobile banking with which they will be able to attract
more and more consumers across. With the enhancement of the security, the company will be
able to provide adequate mobile banking to the consumers with high security so as to safeguard
them from the theft of their password and details of banking.
Stakeholders plays an important role for the company as with a strong focus on the company‘s
perspective and have played a crucial role in the growth and the prospects of the company. The
stakeholders have helped the company by giving them a strong platform to work on. Government
will also play an important and crucial as with this the government will be able to provide high
access to financial transaction which will increase the economy of the country.
Customer Acceptance:
Technology acceptance model is the model which helps in bringing into picture different casual
relationships between system design features, perceived usefulness, perceived ease of use,
attitude toward using, and actual usage behaviour. It is particularly an informative mechanism
and representation of different mechanism by which the one accepts the information and adopt to
the technology that has been brought forward by the user.
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External variables: With the changing needs and requirements of the market, as the consumers
are focusing on technology and innovation and want everything at ease, they want to adopt m-
commerce technology and m-banking. The changing technology and innovation is the main
external variable which has influenced the consumers to adapt for the changes that are needed
and required. Technical support is one of the major constraints that affect the mobile banking
services.
Perceived usefulness: Mobile banking has become the integral part of the banking activities,
mobile banking helps the consumer to do financial transaction and stay connected with the bank
account, it gives consumers the feasibility to access the bank and do the transaction anytime,
anywhere. Thus for every transaction, the consumers do not have to go to the bank to do the
particular transaction.
Perceived ease of use: With mobile banking, the customers will have the flexibility to use
mobile banking anytime, anywhere. Mobile banking is for people...